Ultragenyx Pharmaceutical (NASDAQ:RARE) Trading Down 5.7% Following Analyst Downgrade

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Get Free Report)'s stock price was down 5.7% on Tuesday after Wedbush lowered their price target on the stock from $35.00 to $34.00. Wedbush currently has a neutral rating on the stock. Ultragenyx Pharmaceutical traded as low as $27.56 and last traded at $27.56. Approximately 1,341,545 shares traded hands during mid-day trading, an increase of 44% from the average daily volume of 933,154 shares. The stock had previously closed at $29.23.

RARE has been the subject of several other reports. JPMorgan Chase & Co. lifted their price objective on Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the company an "overweight" rating in a report on Thursday, March 27th. Morgan Stanley reduced their price target on Ultragenyx Pharmaceutical from $65.00 to $55.00 and set an "overweight" rating on the stock in a research report on Monday. Piper Sandler reduced their price target on Ultragenyx Pharmaceutical from $140.00 to $115.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Wells Fargo & Company dropped their price objective on Ultragenyx Pharmaceutical from $88.00 to $65.00 and set an "overweight" rating on the stock in a research note on Thursday, July 10th. Finally, William Blair assumed coverage on Ultragenyx Pharmaceutical in a research note on Wednesday, May 28th. They set an "outperform" rating and a $65.00 price target on the stock. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $83.64.

Insider Activity

In other Ultragenyx Pharmaceutical news, Director Corazon (Corsee) D. Sanders sold 2,405 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $37.39, for a total transaction of $89,922.95. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 3,167 shares of company stock valued at $118,824 over the last three months. Corporate insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Ultragenyx Pharmaceutical

Several institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio lifted its position in shares of Ultragenyx Pharmaceutical by 2.0% during the second quarter. Public Employees Retirement System of Ohio now owns 27,885 shares of the biopharmaceutical company's stock worth $1,014,000 after acquiring an additional 543 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Ultragenyx Pharmaceutical by 439.0% during the second quarter. Assenagon Asset Management S.A. now owns 1,163,755 shares of the biopharmaceutical company's stock worth $42,314,000 after acquiring an additional 947,865 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Ultragenyx Pharmaceutical during the second quarter worth $353,000. Parallel Advisors LLC lifted its position in shares of Ultragenyx Pharmaceutical by 1,061.9% during the second quarter. Parallel Advisors LLC now owns 732 shares of the biopharmaceutical company's stock worth $27,000 after acquiring an additional 669 shares in the last quarter. Finally, Bayforest Capital Ltd lifted its position in shares of Ultragenyx Pharmaceutical by 192.3% during the first quarter. Bayforest Capital Ltd now owns 9,190 shares of the biopharmaceutical company's stock worth $333,000 after acquiring an additional 6,046 shares in the last quarter. Hedge funds and other institutional investors own 97.67% of the company's stock.

Ultragenyx Pharmaceutical Stock Up 0.4%

The stock has a market cap of $2.58 billion, a PE ratio of -4.64 and a beta of 0.26. The firm has a 50-day simple moving average of $36.12 and a 200-day simple moving average of $38.53.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last posted its quarterly earnings data 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 net margin of 93.04% and a negative return on equity of 186.49%. 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 prior year, the business posted ($2.03) EPS. Ultragenyx Pharmaceutical's quarterly revenue was up 28.0% on a year-over-year basis. On average, research analysts expect that Ultragenyx Pharmaceutical Inc. will post -5.18 earnings per share for the current year.

About Ultragenyx Pharmaceutical

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.