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

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Get Free Report)'s share price 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.

Other analysts also recently issued research reports about the stock. JPMorgan Chase & Co. upped their price target on shares of Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the company an "overweight" rating in a research report on Thursday, March 27th. Piper Sandler reduced 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. Guggenheim reiterated a "buy" rating and issued a $64.00 price target on shares of Ultragenyx Pharmaceutical in a research report on Friday, June 20th. Morgan Stanley upped their price objective on shares of Ultragenyx Pharmaceutical from $64.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Finally, William Blair assumed coverage on shares of Ultragenyx Pharmaceutical in a research report on Wednesday, May 28th. They set an "outperform" rating and a $65.00 price objective for the company. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Ultragenyx Pharmaceutical has a consensus rating of "Moderate Buy" and an average price target of $85.36.

Insider Activity

In related news, Director Corazon (Corsee) D. Sanders sold 2,405 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $37.39, for a total value of $89,922.95. Following the sale, the director directly owned 15,344 shares of the company's stock, valued at approximately $573,712.16. This represents a 13.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders have sold 3,167 shares of company stock valued at $118,824. Company insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Ultragenyx Pharmaceutical

A number of large investors have recently added to or reduced their stakes in RARE. Charles Schwab Investment Management Inc. grew its stake in Ultragenyx Pharmaceutical by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 613,633 shares of the biopharmaceutical company's stock valued at $25,816,000 after acquiring an additional 19,112 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Ultragenyx Pharmaceutical in the 4th quarter valued at about $916,000. AlphaQuest LLC grew its stake in Ultragenyx Pharmaceutical by 280.7% in the 4th quarter. AlphaQuest LLC now owns 8,167 shares of the biopharmaceutical company's stock valued at $344,000 after acquiring an additional 6,022 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Ultragenyx Pharmaceutical by 28.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,874 shares of the biopharmaceutical company's stock valued at $962,000 after acquiring an additional 5,104 shares during the last quarter. Finally, Swiss National Bank grew its stake in Ultragenyx Pharmaceutical by 2.5% in the 4th quarter. Swiss National Bank now owns 163,152 shares of the biopharmaceutical company's stock valued at $6,864,000 after acquiring an additional 4,000 shares during the last quarter. 97.67% of the stock is owned by institutional investors and hedge funds.

Ultragenyx Pharmaceutical Trading Down 4.9%

The company has a market capitalization of $2.79 billion, a price-to-earnings ratio of -5.02 and a beta of 0.26. The company's 50 day simple moving average is $36.47 and its 200-day simple moving average is $38.71.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The biopharmaceutical company reported ($1.57) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $139.29 million for the quarter, compared to analyst estimates of $145.98 million. During the same period in the prior year, the business earned ($2.03) earnings per share. Ultragenyx Pharmaceutical's revenue for the quarter was up 28.0% on a year-over-year basis. Sell-side analysts anticipate that Ultragenyx Pharmaceutical Inc. will post -5.18 EPS for the current 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.