Ultragenyx Pharmaceutical (NASDAQ:RARE) Hits New 52-Week Low Following Analyst Downgrade

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) shares hit a new 52-week low during trading on Thursday after Wedbush lowered their price target on the stock from $30.00 to $23.00. Wedbush currently has a neutral rating on the stock. Ultragenyx Pharmaceutical traded as low as $13.95 and last traded at $13.9130, with a volume of 1729068 shares trading hands. The stock had previously closed at $26.53.

Other analysts have also issued reports about the stock. Royal Bank Of Canada boosted their target price on shares of Ultragenyx Pharmaceutical from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. William Blair cut shares of Ultragenyx Pharmaceutical from an “outperform” rating to a “market perform” rating in a research note on Thursday. Cantor Fitzgerald cut their price objective on shares of Ultragenyx Pharmaceutical from $103.00 to $33.00 and set an “overweight” rating for the company in a research report on Thursday. Morgan Stanley raised their target price on Ultragenyx Pharmaceutical from $67.00 to $74.00 and gave the stock an “overweight” rating in a report on Friday, August 21st. Finally, Canaccord Genuity Group lowered their target price on Ultragenyx Pharmaceutical from $83.00 to $37.00 and set a “buy” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.95.

Insiders Place Their Bets

In other Ultragenyx Pharmaceutical news, Director Corazon (Corsee) D. Sanders sold 2,000 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $25.05, for a total transaction of $50,100.00. Following the sale, the director owned 21,095 shares of the company’s stock, valued at approximately $528,429.75. This trade represents a 8.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Karah Herdman Parschauer sold 1,899 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $24.62, for a total value of $46,753.38. Following the completion of the sale, the executive vice president owned 94,462 shares of the company’s stock, valued at approximately $2,325,654.44. This trade represents a 1.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 5.20% of the company’s stock.

Key Headlines Impacting Ultragenyx Pharmaceutical

Here are the key news stories impacting Ultragenyx Pharmaceutical this week:

• Positive Sentiment: Ultragenyx reported encouraging 96-week data for GENGLYCOS™ (DTX401) in glycogen storage disease type Ia. Patients achieved an average 61% reduction in daily cornstarch intake while maintaining glycemic control, supporting the commercial and clinical potential of this program. GENGLYCOS trial publication
• Neutral Sentiment: Ultragenyx’s existing commercial business remains a focus for investors as the company evaluates cost reductions and seeks to offset the impact of the failed Angelman program. Analysts continue to recognize longer-term potential in its rare-disease portfolio, although near-term sentiment has deteriorated. Barron’s analysis of Ultragenyx
• Negative Sentiment: The Phase 3 Aspire study of the company’s Angelman syndrome treatment did not achieve its primary endpoint, the change in Bayley-4 cognitive raw score, or its key secondary MDRI endpoint. The failure removes a major anticipated growth driver and raises questions about the value of the program. Ultragenyx Aspire Phase 3 results
• Negative Sentiment: Wells Fargo downgraded Ultragenyx from “overweight” to “equal weight” and set an $18 price target, implying substantial downside from the referenced price. Analyst coverage
• Negative Sentiment: JPMorgan downgraded the stock to “neutral,” while Robert W. Baird and Evercore moved their ratings to “neutral” or “in-line.” Baird cut its target to $16 from $40, and Evercore also set a $16 target, reinforcing the view that the trial failure materially reduced Ultragenyx’s valuation.

Institutional Investors Weigh In On Ultragenyx Pharmaceutical

A number of large investors have recently made changes to their positions in RARE. BlackRock Inc. acquired a new position in Ultragenyx Pharmaceutical in the second quarter valued at about $355,746,000. California State Teachers Retirement System increased its position in shares of Ultragenyx Pharmaceutical by 3,137.6% during the second quarter. California State Teachers Retirement System now owns 3,388,117 shares of the biopharmaceutical company’s stock valued at $113,129,000 after acquiring an additional 3,283,467 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Ultragenyx Pharmaceutical by 1,030.4% during the first quarter. Assenagon Asset Management S.A. now owns 2,257,671 shares of the biopharmaceutical company’s stock valued at $47,298,000 after acquiring an additional 2,057,951 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of Ultragenyx Pharmaceutical by 614.1% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,167,729 shares of the biopharmaceutical company’s stock valued at $65,205,000 after acquiring an additional 1,864,164 shares during the period. Finally, Norges Bank purchased a new stake in shares of Ultragenyx Pharmaceutical in the 4th quarter valued at approximately $29,004,000. 97.67% of the stock is currently owned by hedge funds and other institutional investors.

Ultragenyx Pharmaceutical Trading Down 46.6%

The firm’s fifty day moving average price is $28.36 and its 200 day moving average price is $25.08. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -2.40 and a beta of 0.31.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last issued its quarterly earnings results on Tuesday, August 4th. The biopharmaceutical company reported ($0.90) EPS for the quarter, beating the consensus estimate of ($1.22) by $0.32. Ultragenyx Pharmaceutical had a negative net margin of 81.79% and a negative return on equity of 1,024.42%. The company had revenue of $214.00 million during the quarter, compared to analysts’ expectations of $183.08 million. During the same quarter last year, the company posted ($1.17) EPS. The firm’s revenue was up 28.5% compared to the same quarter last year. On average, analysts forecast that Ultragenyx Pharmaceutical Inc. will post -3.97 earnings per share for the current fiscal year.

About Ultragenyx Pharmaceutical

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.