Canaccord Genuity Group Reaffirms “Buy” Rating for Ultragenyx Pharmaceutical (NASDAQ:RARE)

Ultragenyx Pharmaceutical (NASDAQ:RARE)‘s stock had its “buy” rating reiterated by equities research analysts at Canaccord Genuity Group in a note issued to investors on Tuesday, Benzinga reports. They presently have a $111.00 price target on the biopharmaceutical company’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 146.07% from the company’s previous close.

A number of other brokerages have also issued reports on RARE. Wedbush reiterated a “neutral” rating and set a $45.00 price target on shares of Ultragenyx Pharmaceutical in a research report on Thursday, July 18th. Stifel Nicolaus upped their price objective on Ultragenyx Pharmaceutical from $124.00 to $127.00 and gave the company a “buy” rating in a report on Friday, May 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $115.00 price objective on shares of Ultragenyx Pharmaceutical in a report on Monday. Royal Bank of Canada started coverage on Ultragenyx Pharmaceutical in a report on Monday, April 22nd. They issued an “outperform” rating and a $77.00 price objective for the company. Finally, TD Cowen upped their price objective on Ultragenyx Pharmaceutical from $59.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $86.50.

Ultragenyx Pharmaceutical Price Performance

NASDAQ:RARE opened at $45.11 on Tuesday. Ultragenyx Pharmaceutical has a 12-month low of $31.52 and a 12-month high of $54.56. The firm has a market capitalization of $3.75 billion, a P/E ratio of -5.62 and a beta of 0.56. The business has a 50 day simple moving average of $41.29 and a 200 day simple moving average of $44.53.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last announced its quarterly earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($2.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.72) by ($0.31). Ultragenyx Pharmaceutical had a negative return on equity of 425.63% and a negative net margin of 138.58%. The business had revenue of $108.83 million for the quarter, compared to analyst estimates of $116.03 million. During the same quarter last year, the firm posted ($2.33) EPS. The company’s revenue was up 8.3% compared to the same quarter last year. Research analysts anticipate that Ultragenyx Pharmaceutical will post -6.45 EPS for the current fiscal year.

Insider Activity at Ultragenyx Pharmaceutical

In related news, EVP Karah Herdman Parschauer sold 9,806 shares of the company’s stock in a transaction 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 transaction, the executive vice president now directly owns 57,981 shares of the company’s stock, valued at $2,609,145. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Ultragenyx Pharmaceutical news, EVP Karah Herdman Parschauer sold 9,806 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $45.00, for a total value of $441,270.00. Following the transaction, the executive vice president now directly 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 SEC, which is accessible through the SEC website. Also, Director Corazon (Corsee) D. Sanders sold 1,737 shares of the company’s stock in a transaction dated Monday, June 10th. The stock was 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 12,127 shares of company stock valued at $536,593. Company insiders own 5.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Ultragenyx Pharmaceutical by 47.9% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 73,289 shares of the biopharmaceutical company’s stock worth $3,012,000 after acquiring an additional 23,752 shares in the last quarter. Oak Ridge Investments LLC bought a new stake in shares of Ultragenyx Pharmaceutical during the 2nd quarter worth about $795,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Ultragenyx Pharmaceutical by 15.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 7,359 shares of the biopharmaceutical company’s stock worth $302,000 after acquiring an additional 975 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Ultragenyx Pharmaceutical during the 2nd quarter worth about $653,000. Finally, Woodstock Corp boosted its stake in shares of Ultragenyx Pharmaceutical by 24.7% during the 2nd quarter. Woodstock Corp now owns 13,871 shares of the biopharmaceutical company’s stock worth $570,000 after acquiring an additional 2,747 shares in the last quarter. 97.67% of the stock is owned by institutional investors and hedge funds.

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.