Ultragenyx Pharmaceutical (NASDAQ:RARE) Shares Gap Up After Analyst Upgrade

Key Points

• Ultragenyx shares jumped at the open after Cantor Fitzgerald raised its price target from $96 to $103 and maintained an overweight rating. The stock opened at $28.39, versus a prior close of $26.24.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus rating and an average price target of $58.24, although several firms recently lowered their targets.
• The company reported quarterly revenue of $214 million, up 28.5% year over year, and an adjusted loss of $0.90 per share that beat estimates. Insiders sold 8,552 shares over the past 90 days, while institutional investors and hedge funds own 97.67% of the stock.

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Get Free Report) shares gapped up before the market opened on Thursday after Cantor Fitzgerald raised their price target on the stock from $96.00 to $103.00. The stock had previously closed at $26.24, but opened at $28.39. Cantor Fitzgerald currently has an overweight rating on the stock. Ultragenyx Pharmaceutical shares last traded at $26.3440, with a volume of 1,004,988 shares changing hands.

Other research analysts have also issued reports about the stock. Weiss Ratings upgraded shares of Ultragenyx Pharmaceutical from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, July 9th. Barclays cut their price target on shares of Ultragenyx Pharmaceutical from $44.00 to $43.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 29th. Wedbush decreased their price target on shares of Ultragenyx Pharmaceutical from $27.00 to $26.00 and set a "neutral" rating on the stock in a report on Wednesday, May 6th. Wells Fargo & Company lowered their price objective on shares of Ultragenyx Pharmaceutical from $47.00 to $45.00 and set an "overweight" rating for the company in a research note on Wednesday, August 5th. Finally, Guggenheim dropped their price objective on Ultragenyx Pharmaceutical from $43.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $58.24.

Insiders Place Their Bets

In other Ultragenyx Pharmaceutical news, CFO Howard Horn sold 4,653 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $23.77, for a total value of $110,601.81. Following the completion of the transaction, the chief financial officer owned 105,689 shares in the company, valued at $2,512,227.53. This represents a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Karah Herdman Parschauer sold 1,899 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $24.62, for a total transaction of $46,753.38. Following the completion of the sale, the executive vice president directly owned 94,462 shares of the company's stock, valued at $2,325,654.44. This trade represents a 1.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 8,552 shares of company stock worth $207,455 in the last 90 days. 5.20% of the stock is owned by company insiders.

Institutional Trading of Ultragenyx Pharmaceutical

Large investors have recently modified their holdings of the business. Jefferies Financial Group Inc. acquired a new stake in Ultragenyx Pharmaceutical in the fourth quarter valued at $10,973,000. BNP Paribas Financial Markets increased its position in shares of Ultragenyx Pharmaceutical by 57.6% in the 4th quarter. BNP Paribas Financial Markets now owns 903,050 shares of the biopharmaceutical company's stock worth $20,770,000 after purchasing an additional 330,031 shares during the last quarter. GW&K Investment Management LLC raised its stake in shares of Ultragenyx Pharmaceutical by 19.6% in the 4th quarter. GW&K Investment Management LLC now owns 1,375,407 shares of the biopharmaceutical company's stock valued at $31,634,000 after purchasing an additional 225,238 shares in the last quarter. UBS Group AG grew its stake in Ultragenyx Pharmaceutical by 22.3% in the fourth quarter. UBS Group AG now owns 668,811 shares of the biopharmaceutical company's stock worth $15,383,000 after purchasing an additional 121,786 shares in the last quarter. Finally, Eagle Health Investments LP acquired a new position in Ultragenyx Pharmaceutical in the second quarter worth about $29,521,000. 97.67% of the stock is currently owned by institutional investors and hedge funds.

Ultragenyx Pharmaceutical Price Performance

The company has a fifty day moving average of $28.52 and a two-hundred day moving average of $24.96. The stock has a market capitalization of $2.57 billion, a P/E ratio of -4.48 and a beta of 0.35.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last issued its earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.90) EPS for the quarter, topping the consensus estimate of ($1.22) by $0.32. The company had revenue of $214.00 million during the quarter, compared to analyst estimates of $183.08 million. Ultragenyx Pharmaceutical had a negative return on equity of 1,024.42% and a negative net margin of 81.79%.The business's revenue was up 28.5% on a year-over-year basis. During the same quarter last year, the firm earned ($1.17) EPS. As a group, equities research analysts predict that Ultragenyx Pharmaceutical Inc. will post -4.12 EPS for the current fiscal year.

Ultragenyx Pharmaceutical Company Profile

Ultragenyx Pharmaceutical Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare and ultra-rare genetic disorders. Since its founding in 2010 and headquarters in Novato, California, the company has built expertise in protein replacement therapies, small molecules and gene therapy approaches to address high-unmet medical needs. Ultragenyx applies a precision medicine model, leveraging both in-house research and strategic collaborations to advance its product pipeline from discovery through regulatory approval.

The company's commercial portfolio includes Crysvita (burosumab-tmyl) for X-linked hypophosphatemia, Mepsevii (vestronidase alfa-vjbk) for mucopolysaccharidosis VII and Dojolvi (triheptanoin) for long-chain fatty acid oxidation disorders.

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