Ultragenyx Pharmaceutical (NASDAQ:RARE) Shares Gap Down Following Analyst Downgrade

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Get Free Report) shares gapped down prior to trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $88.00 to $65.00. The stock had previously closed at $41.44, but opened at $33.20. Wells Fargo & Company currently has an overweight rating on the stock. Ultragenyx Pharmaceutical shares last traded at $30.01, with a volume of 4,991,759 shares changing hands.

A number of other analysts have also recently weighed in on RARE. Piper Sandler decreased their price target on shares of Ultragenyx Pharmaceutical from $140.00 to $115.00 and set an "overweight" rating for the company in a research report on Monday, March 17th. Morgan Stanley increased their price objective on shares of Ultragenyx Pharmaceutical from $64.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. raised their target price on Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the company an "overweight" rating in a research report on Thursday, March 27th. Guggenheim restated a "buy" rating and issued a $64.00 target price on shares of Ultragenyx Pharmaceutical in a research report on Friday, June 20th. Finally, William Blair initiated coverage on shares of Ultragenyx Pharmaceutical in a research note on Wednesday, May 28th. They set an "outperform" rating and a $65.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $85.36.

Insider Buying and Selling

In other news, Director Corazon (Corsee) D. Sanders sold 2,405 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $37.39, for a total transaction of $89,922.95. Following the completion of the sale, the director owned 15,344 shares in the company, valued at approximately $573,712.16. This trade represents a 13.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold a total of 3,167 shares of company stock valued at $118,824 in the last ninety days. Company insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Ultragenyx Pharmaceutical

Several hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its position in Ultragenyx Pharmaceutical by 0.3% during the 4th quarter. California State Teachers Retirement System now owns 78,051 shares of the biopharmaceutical company's stock worth $3,284,000 after purchasing an additional 268 shares in the last quarter. GAMMA Investing LLC increased its position in Ultragenyx Pharmaceutical by 76.2% during the 1st quarter. GAMMA Investing LLC now owns 747 shares of the biopharmaceutical company's stock worth $27,000 after purchasing an additional 323 shares in the last quarter. Xponance Inc. increased its position in Ultragenyx Pharmaceutical by 2.8% during the 1st quarter. Xponance Inc. now owns 12,552 shares of the biopharmaceutical company's stock worth $455,000 after purchasing an additional 347 shares in the last quarter. BOKF NA increased its position in Ultragenyx Pharmaceutical by 5.0% during the 4th quarter. BOKF NA now owns 7,976 shares of the biopharmaceutical company's stock worth $336,000 after purchasing an additional 382 shares in the last quarter. Finally, Oak Ridge Investments LLC increased its position in Ultragenyx Pharmaceutical by 2.3% during the 1st quarter. Oak Ridge Investments LLC now owns 17,757 shares of the biopharmaceutical company's stock worth $643,000 after purchasing an additional 395 shares in the last quarter. 97.67% of the stock is currently owned by institutional investors and hedge funds.

Ultragenyx Pharmaceutical Trading Down 4.9%

The stock's 50-day moving average is $36.67 and its 200-day moving average is $38.88. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of -5.02 and a beta of 0.26.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last posted its earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.57) earnings per share for the quarter, missing analysts' consensus estimates of ($1.54) by ($0.03). Ultragenyx Pharmaceutical had a negative return on equity of 186.49% and a negative net margin of 93.04%. The business had revenue of $139.29 million for the quarter, compared to the consensus estimate of $145.98 million. During the same period in the previous year, the firm earned ($2.03) earnings per share. The company's revenue was up 28.0% compared to the same quarter last year. On average, equities research analysts anticipate that Ultragenyx Pharmaceutical Inc. will post -5.18 EPS for the current fiscal year.

Ultragenyx Pharmaceutical Company Profile

Ultragenyx Pharmaceutical Inc, a biopharmaceutical company, focuses on the identification, acquisition, development, and commercialization of novel products for the treatment of rare and ultra-rare genetic diseases in North America, Latin America, Japan, Europe, and internationally. Its biologic products include Crysvita (burosumab), an antibody targeting fibroblast growth factor 23 for the treatment of X-linked hypophosphatemia, as well as tumor-induced osteomalacia; Mepsevii, an enzyme replacement therapy for the treatment of children and adults with Mucopolysaccharidosis VII; Dojolvi for treating long-chain fatty acid oxidation disorders; and Evkeeza (evinacumab) for the treatment of homozygous familial hypercholesterolemia.