JPMorgan Chase & Co. Lowers Ultragenyx Pharmaceutical (NASDAQ:RARE) Price Target to $102.00

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its price objective reduced by JPMorgan Chase & Co. from $105.00 to $102.00 in a research report sent to investors on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other brokerages have also recently commented on RARE. Royal Bank of Canada reissued an “outperform” rating and issued a $77.00 price objective on shares of Ultragenyx Pharmaceutical in a research note on Wednesday, November 6th. HC Wainwright lifted their price objective on Ultragenyx Pharmaceutical from $82.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Wells Fargo & Company upped their target price on Ultragenyx Pharmaceutical from $72.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. TD Cowen increased their price target on shares of Ultragenyx Pharmaceutical from $61.00 to $73.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $116.00 price target on shares of Ultragenyx Pharmaceutical in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Ultragenyx Pharmaceutical has an average rating of “Moderate Buy” and a consensus target price of $87.46.

Ultragenyx Pharmaceutical Stock Up 2.7 %

RARE opened at $47.24 on Thursday. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of -7.30 and a beta of 0.58. Ultragenyx Pharmaceutical has a 12-month low of $37.02 and a 12-month high of $60.37. The business has a 50 day moving average of $53.14 and a 200-day moving average of $48.44.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last issued its quarterly earnings results on Tuesday, November 5th. The biopharmaceutical company reported ($1.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.45) by $0.05. The company had revenue of $139.49 million for the quarter, compared to analyst estimates of $135.28 million. Ultragenyx Pharmaceutical had a negative return on equity of 187.12% and a negative net margin of 106.93%. The company’s revenue for the quarter was up 42.3% compared to the same quarter last year. During the same quarter last year, the company posted ($2.23) EPS. As a group, analysts expect that Ultragenyx Pharmaceutical will post -6.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Howard Horn sold 7,465 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $52.76, for a total value of $393,853.40. Following the sale, the chief financial officer now owns 92,301 shares of the company’s stock, valued at approximately $4,869,800.76. This represents a 7.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Emil D. Kakkis sold 20,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.85, for a total value of $1,117,000.00. Following the transaction, the chief executive officer now owns 2,223,985 shares of the company’s stock, valued at approximately $124,209,562.25. The trade was a 0.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,556 shares of company stock worth $1,515,967 in the last three months. 5.80% of the stock is owned by company insiders.

Institutional Trading of Ultragenyx Pharmaceutical

Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC raised its position in Ultragenyx Pharmaceutical by 4.4% during the third quarter. Geode Capital Management LLC now owns 1,571,081 shares of the biopharmaceutical company’s stock valued at $87,296,000 after acquiring an additional 65,623 shares in the last quarter. M&T Bank Corp increased its holdings in Ultragenyx Pharmaceutical by 8.1% in the 3rd quarter. M&T Bank Corp now owns 6,992 shares of the biopharmaceutical company’s stock valued at $388,000 after purchasing an additional 525 shares during the last quarter. Frazier Life Sciences Management L.P. raised its position in Ultragenyx Pharmaceutical by 49.1% in the third quarter. Frazier Life Sciences Management L.P. now owns 633,715 shares of the biopharmaceutical company’s stock valued at $35,203,000 after purchasing an additional 208,715 shares during the period. Nomura Asset Management Co. Ltd. acquired a new position in Ultragenyx Pharmaceutical in the 3rd quarter valued at about $93,000. Finally, Y Intercept Hong Kong Ltd increased its stake in Ultragenyx Pharmaceutical by 193.1% during the third quarter. Y Intercept Hong Kong Ltd now owns 19,151 shares of the biopharmaceutical company’s stock worth $1,064,000 after purchasing an additional 12,617 shares during the period. 97.67% of the stock is owned by hedge funds and other institutional investors.

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.