Canaccord Genuity Trims Ultragenyx Pharmaceutical (RARE) Target Price to $75.00

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Ultragenyx Pharmaceutical (NASDAQ:RARE) had its price target trimmed by Canaccord Genuity from $90.00 to $75.00 in a report released on Wednesday morning, The Fly reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

A number of other research firms also recently commented on RARE. SunTrust Banks upped their price objective on shares of Ultragenyx Pharmaceutical to $83.00 and gave the company a positive rating in a research note on Monday, August 20th. Bank of America upped their price objective on shares of Ultragenyx Pharmaceutical from $72.00 to $94.00 and gave the company a buy rating in a research note on Tuesday, September 11th. Barclays reaffirmed an overweight rating and set a $92.00 price objective (up previously from $74.00) on shares of Ultragenyx Pharmaceutical in a research note on Friday, August 3rd. Morgan Stanley set a $70.00 price objective on shares of Ultragenyx Pharmaceutical and gave the company a hold rating in a research note on Monday, October 29th. Finally, Piper Jaffray Companies dropped their price objective on shares of Ultragenyx Pharmaceutical to $70.00 and set an overweight rating for the company in a research note on Friday, October 26th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company’s stock. Ultragenyx Pharmaceutical currently has a consensus rating of Buy and an average target price of $75.95.

Shares of NASDAQ RARE traded down $2.45 on Wednesday, reaching $52.24. 420,730 shares of the company traded hands, compared to its average volume of 703,085. Ultragenyx Pharmaceutical has a fifty-two week low of $41.67 and a fifty-two week high of $90.98. The company has a market cap of $2.71 billion, a P/E ratio of -6.97 and a beta of 2.34.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last posted its quarterly earnings data on Monday, November 5th. The biopharmaceutical company reported ($1.74) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.94) by $0.20. Ultragenyx Pharmaceutical had a negative net margin of 508.70% and a negative return on equity of 40.10%. The company had revenue of $11.80 million during the quarter, compared to the consensus estimate of $11.97 million. During the same quarter in the prior year, the company posted ($1.87) EPS. The company’s quarterly revenue was up 5800.0% compared to the same quarter last year. On average, analysts expect that Ultragenyx Pharmaceutical will post -3.99 EPS for the current fiscal year.

In other Ultragenyx Pharmaceutical news, Director William Aliski sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, November 8th. The stock was sold at an average price of $55.67, for a total value of $334,020.00. Following the completion of the transaction, the director now owns 72,610 shares in the company, valued at approximately $4,042,198.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Shalini Sharp sold 6,700 shares of the company’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $90.07, for a total value of $603,469.00. Following the completion of the transaction, the chief financial officer now owns 56,828 shares of the company’s stock, valued at approximately $5,118,497.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,250 shares of company stock valued at $2,747,319. Corporate insiders own 8.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RARE. Voya Investment Management LLC boosted its holdings in Ultragenyx Pharmaceutical by 2,221.4% in the 2nd quarter. Voya Investment Management LLC now owns 426,788 shares of the biopharmaceutical company’s stock worth $32,807,000 after acquiring an additional 408,403 shares during the period. First Trust Advisors LP boosted its holdings in Ultragenyx Pharmaceutical by 29.3% in the 3rd quarter. First Trust Advisors LP now owns 1,263,466 shares of the biopharmaceutical company’s stock worth $96,453,000 after acquiring an additional 285,961 shares during the period. Federated Investors Inc. PA boosted its holdings in Ultragenyx Pharmaceutical by 18.2% in the 2nd quarter. Federated Investors Inc. PA now owns 1,417,551 shares of the biopharmaceutical company’s stock worth $108,967,000 after acquiring an additional 218,060 shares during the period. BlackRock Inc. boosted its holdings in Ultragenyx Pharmaceutical by 3.8% in the 2nd quarter. BlackRock Inc. now owns 4,389,350 shares of the biopharmaceutical company’s stock worth $337,408,000 after acquiring an additional 158,723 shares during the period. Finally, Sector Gamma AS purchased a new position in Ultragenyx Pharmaceutical in the 2nd quarter worth approximately $5,228,000. Hedge funds and other institutional investors own 96.78% of the company’s stock.

About Ultragenyx Pharmaceutical

Ultragenyx Pharmaceutical Inc, a biopharmaceutical company, focuses on the identification, acquisition, development, and commercialization of various products for the treatment of rare and ultra-rare genetic diseases in the United States. Its biologics product candidate includes Mepsevii, an enzyme replacement therapy for the treatment of children and adults with Mucopolysaccharidosis VII.

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