JPMorgan Chase & Co. Downgrades Ultragenyx Pharmaceutical (NASDAQ:RARE) to Neutral

Ultragenyx Pharmaceutical (NASDAQ:RARE) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued on Thursday, Briefing.com reports. They currently have a $36.00 price target on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 35.70% from the company’s previous close.

A number of other research analysts have also commented on the company. Guggenheim lowered their price target on Ultragenyx Pharmaceutical from $43.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday, August 4th. HC Wainwright reiterated a “buy” rating and issued a $50.00 price objective on shares of Ultragenyx Pharmaceutical in a research report on Monday, August 10th. Wall Street Zen raised Ultragenyx Pharmaceutical from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Citigroup upped their target price on Ultragenyx Pharmaceutical from $45.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, August 20th. Finally, Cantor Fitzgerald raised their price target on Ultragenyx Pharmaceutical from $96.00 to $103.00 and gave the stock an “overweight” rating in a research note on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $51.53.

Ultragenyx Pharmaceutical Trading Up 2.8%

RARE stock opened at $26.53 on Thursday. The firm’s 50-day moving average price is $28.36 and its two-hundred day moving average price is $25.08. Ultragenyx Pharmaceutical has a 12-month low of $18.29 and a 12-month high of $39.89. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of -4.54 and a beta of 0.31.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last posted its earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.90) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.32. The company had revenue of $214.00 million during the quarter, compared to analyst estimates of $183.08 million. Ultragenyx Pharmaceutical had a negative net margin of 81.79% and a negative return on equity of 1,024.42%. Ultragenyx Pharmaceutical’s revenue for the quarter was up 28.5% on a year-over-year basis. During the same period in the prior year, the business posted ($1.17) earnings per share. Equities analysts predict that Ultragenyx Pharmaceutical will post -3.97 EPS for the current year.

Insider Buying and Selling

In related news, Director Corazon (Corsee) D. Sanders sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $25.05, for a total value of $50,100.00. Following the sale, the director owned 21,095 shares in the company, valued at approximately $528,429.75. This trade represents a 8.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Karah Herdman Parschauer sold 1,899 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $24.62, for a total value of $46,753.38. Following the completion of the transaction, the executive vice president owned 94,462 shares in the company, valued at approximately $2,325,654.44. This trade represents a 1.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ultragenyx Pharmaceutical

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Ultragenyx Pharmaceutical during the second quarter valued at approximately $355,746,000. Vanguard Group Inc. grew its holdings in shares of Ultragenyx Pharmaceutical by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 10,263,815 shares of the biopharmaceutical company’s stock valued at $236,068,000 after purchasing an additional 131,087 shares in the last quarter. State Street Corp grew its stake in shares of Ultragenyx Pharmaceutical by 16.5% in the 4th quarter. State Street Corp now owns 4,303,046 shares of the biopharmaceutical company’s stock worth $98,970,000 after buying an additional 610,559 shares in the last quarter. California State Teachers Retirement System grew its position in Ultragenyx Pharmaceutical by 3,137.6% in the second quarter. California State Teachers Retirement System now owns 3,388,117 shares of the biopharmaceutical company’s stock worth $113,129,000 after acquiring an additional 3,283,467 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Ultragenyx Pharmaceutical by 26.6% in the 4th quarter. Wellington Management Group LLP now owns 2,461,910 shares of the biopharmaceutical company’s stock worth $56,624,000 after purchasing an additional 516,781 shares during the period. 97.67% of the stock is currently owned by hedge funds and other institutional investors.

Ultragenyx Pharmaceutical Company Profile

Ultragenyx Pharmaceutical Inc is a biopharmaceutical company focused on developing and commercializing therapies for rare and ultra-rare genetic disorders. Since its founding in 2010 and headquarters in Novato, California, the company has built expertise in protein replacement therapies, small molecules and gene therapy approaches to address high-unmet medical needs. Ultragenyx applies a precision medicine model, leveraging both in-house research and strategic collaborations to advance its product pipeline from discovery through regulatory approval.

The company’s commercial portfolio includes Crysvita (burosumab-tmyl) for X-linked hypophosphatemia, Mepsevii (vestronidase alfa-vjbk) for mucopolysaccharidosis VII and Dojolvi (triheptanoin) for long-chain fatty acid oxidation disorders.