Ultragenyx Pharmaceutical (NASDAQ:RARE) Stock Price Up 6.3% - Still a Buy?

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE - Get Free Report) shares shot up 6.3% on Wednesday . The stock traded as high as $38.26 and last traded at $38.53. 106,483 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 831,657 shares. The stock had previously closed at $36.26.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RARE. JPMorgan Chase & Co. upped their price target on shares of Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the stock an "overweight" rating in a research report on Thursday, March 27th. Morgan Stanley increased their target price on shares of Ultragenyx Pharmaceutical from $64.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. Guggenheim reissued a "buy" rating and set a $64.00 target price on shares of Ultragenyx Pharmaceutical in a research report on Friday, June 20th. Piper Sandler decreased their target price 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. 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 target price for the company. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $87.00.

Ultragenyx Pharmaceutical Price Performance

The firm has a market cap of $3.71 billion, a PE ratio of -6.66 and a beta of 0.26. The stock's fifty day simple moving average is $36.72 and its 200-day simple moving average is $39.04.

Ultragenyx Pharmaceutical (NASDAQ:RARE - Get Free Report) last released its quarterly earnings data 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). The business had revenue of $139.29 million during the quarter, compared to analyst estimates of $145.98 million. Ultragenyx Pharmaceutical had a negative return on equity of 186.49% and a negative net margin of 93.04%. The firm's revenue was up 28.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($2.03) EPS. Analysts expect that Ultragenyx Pharmaceutical Inc. will post -5.18 earnings per share for the current year.

Insider Buying and Selling at Ultragenyx Pharmaceutical

In other news, Director Corazon (Corsee) D. Sanders sold 2,405 shares of the stock in a transaction on 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 owned 15,344 shares in the company, valued at $573,712.16. This represents a 13.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 3,167 shares of company stock valued at $118,824 in the last quarter. 5.50% of the stock is owned by corporate insiders.

Institutional Trading of Ultragenyx Pharmaceutical

A number of hedge funds and other institutional investors have recently made changes to their positions in RARE. Adage Capital Partners GP L.L.C. grew its position in Ultragenyx Pharmaceutical by 81.6% during the first quarter. Adage Capital Partners GP L.L.C. now owns 2,149,000 shares of the biopharmaceutical company's stock valued at $77,815,000 after buying an additional 965,919 shares during the period. Norges Bank acquired a new stake in Ultragenyx Pharmaceutical during the fourth quarter valued at $40,463,000. Vestal Point Capital LP grew its position in Ultragenyx Pharmaceutical by 100.0% during the fourth quarter. Vestal Point Capital LP now owns 1,500,000 shares of the biopharmaceutical company's stock valued at $63,105,000 after buying an additional 750,000 shares during the period. Price T Rowe Associates Inc. MD grew its position in Ultragenyx Pharmaceutical by 28.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,218,942 shares of the biopharmaceutical company's stock valued at $116,559,000 after buying an additional 706,519 shares during the period. Finally, Deep Track Capital LP acquired a new stake in Ultragenyx Pharmaceutical during the fourth quarter valued at $27,493,000. Institutional investors and hedge funds own 97.67% of the company's stock.

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.