Wells Fargo & Company Issues Pessimistic Forecast for Ultragenyx Pharmaceutical (NASDAQ:RARE) Stock Price

Ultragenyx Pharmaceutical (NASDAQ:RARE - Free Report) had its price objective trimmed by Wells Fargo & Company from $88.00 to $65.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the biopharmaceutical company's stock.

RARE has been the subject of several other reports. JPMorgan Chase & Co. increased their price target on Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the stock an "overweight" rating in a report on Thursday, March 27th. William Blair began coverage on Ultragenyx Pharmaceutical in a report on Wednesday, May 28th. They set an "outperform" rating and a $65.00 price target for the company. Guggenheim reiterated a "buy" rating and issued a $64.00 price objective on shares of Ultragenyx Pharmaceutical in a research report on Friday, June 20th. Piper Sandler cut their price objective on 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, Morgan Stanley increased their price objective on Ultragenyx Pharmaceutical from $64.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $85.36.

Ultragenyx Pharmaceutical Stock Down 4.9%

Shares of RARE traded down $1.52 during midday trading on Thursday, reaching $29.51. The company had a trading volume of 5,633,132 shares, compared to its average volume of 919,456. The stock has a market cap of $2.79 billion, a PE ratio of -5.02 and a beta of 0.26. Ultragenyx Pharmaceutical has a 1-year low of $29.03 and a 1-year high of $60.37. The firm has a 50 day simple moving average of $36.47 and a 200-day simple moving average of $38.78.

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

Insider Transactions at Ultragenyx Pharmaceutical

In other Ultragenyx Pharmaceutical news, Director Corazon (Corsee) D. Sanders sold 2,405 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was 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 trade represents a 13.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders sold 3,167 shares of company stock valued at $118,824. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ultragenyx Pharmaceutical

Several hedge funds and other institutional investors have recently modified their holdings of the company. California State Teachers Retirement System lifted its stake in shares of Ultragenyx Pharmaceutical by 0.3% in the 4th quarter. California State Teachers Retirement System now owns 78,051 shares of the biopharmaceutical company's stock valued at $3,284,000 after purchasing an additional 268 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Ultragenyx Pharmaceutical by 76.2% in the 1st quarter. GAMMA Investing LLC now owns 747 shares of the biopharmaceutical company's stock valued at $27,000 after purchasing an additional 323 shares in the last quarter. Xponance Inc. lifted 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 acquiring an additional 347 shares in the last quarter. BOKF NA lifted 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 acquiring an additional 382 shares in the last quarter. Finally, Oak Ridge Investments LLC lifted 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 acquiring an additional 395 shares in the last quarter. 97.67% of the stock is owned by institutional investors and hedge funds.

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.