Pinnacle Associates Ltd. Buys 41,633 Shares of Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE)

Pinnacle Associates Ltd. increased its stake in shares of Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) by 34.9% during the 2nd quarter, Holdings Channel reports. The fund owned 161,020 shares of the biopharmaceutical company’s stock after acquiring an additional 41,633 shares during the period. Pinnacle Associates Ltd.’s holdings in Ultragenyx Pharmaceutical were worth $6,618,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. New York State Common Retirement Fund grew its stake in shares of Ultragenyx Pharmaceutical by 37.0% in the 4th quarter. New York State Common Retirement Fund now owns 72,866 shares of the biopharmaceutical company’s stock valued at $3,484,000 after buying an additional 19,673 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Ultragenyx Pharmaceutical by 9.1% in the 4th quarter. Russell Investments Group Ltd. now owns 200,615 shares of the biopharmaceutical company’s stock worth $9,593,000 after purchasing an additional 16,728 shares in the last quarter. Van ECK Associates Corp grew its position in Ultragenyx Pharmaceutical by 34.0% in the 4th quarter. Van ECK Associates Corp now owns 1,578 shares of the biopharmaceutical company’s stock valued at $75,000 after purchasing an additional 400 shares during the period. Victory Capital Management Inc. increased its stake in Ultragenyx Pharmaceutical by 44.6% during the 4th quarter. Victory Capital Management Inc. now owns 10,565 shares of the biopharmaceutical company’s stock valued at $505,000 after purchasing an additional 3,259 shares in the last quarter. Finally, Natixis Advisors L.P. raised its holdings in Ultragenyx Pharmaceutical by 10.8% during the fourth quarter. Natixis Advisors L.P. now owns 15,289 shares of the biopharmaceutical company’s stock worth $731,000 after buying an additional 1,496 shares during the last quarter. 97.67% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on RARE shares. Robert W. Baird upped their target price on shares of Ultragenyx Pharmaceutical from $68.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, May 31st. The Goldman Sachs Group upped their target price on shares of Ultragenyx Pharmaceutical from $67.00 to $76.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Canaccord Genuity Group restated a “buy” rating and set a $111.00 price target on shares of Ultragenyx Pharmaceutical in a report on Tuesday, July 23rd. Wells Fargo & Company boosted 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. Finally, Wedbush increased their price target on Ultragenyx Pharmaceutical from $43.00 to $46.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Ultragenyx Pharmaceutical has a consensus rating of “Moderate Buy” and an average price target of $87.43.

Ultragenyx Pharmaceutical Stock Performance

Shares of RARE opened at $56.78 on Friday. Ultragenyx Pharmaceutical Inc. has a 1 year low of $31.52 and a 1 year high of $58.73. The stock’s fifty day moving average price is $47.29 and its two-hundred day moving average price is $45.71.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last issued its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($1.52) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.64) by $0.12. The firm had revenue of $147.03 million during the quarter, compared to analyst estimates of $123.20 million. Ultragenyx Pharmaceutical had a negative net margin of 121.57% and a negative return on equity of 266.02%. The company’s quarterly revenue was up 35.7% on a year-over-year basis. During the same quarter last year, the business earned ($2.25) earnings per share. As a group, analysts forecast that Ultragenyx Pharmaceutical Inc. will post -6.24 EPS for the current year.

Insider Buying and Selling

In other Ultragenyx Pharmaceutical news, EVP Karah Herdman Parschauer sold 9,806 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $45.00, for a total transaction of $441,270.00. Following the sale, the executive vice president now owns 57,981 shares of the company’s stock, valued at approximately $2,609,145. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Corazon (Corsee) D. Sanders sold 1,737 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $41.10, for a total value of $71,390.70. Following the completion of the transaction, the director now directly owns 7,248 shares in the company, valued at $297,892.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Karah Herdman Parschauer sold 9,806 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $45.00, for a total transaction of $441,270.00. Following the sale, the executive vice president now directly owns 57,981 shares in the company, valued at approximately $2,609,145. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,127 shares of company stock valued at $1,539,993. Company insiders own 5.80% of the company’s stock.

Ultragenyx Pharmaceutical 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.