Ultragenyx Pharmaceutical (NASDAQ:RARE) Trading 9.1% Higher – Here’s What Happened

Shares of Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) were up 9.1% during trading on Wednesday . The stock traded as high as $43.74 and last traded at $43.65. Approximately 208,892 shares changed hands during trading, a decline of 83% from the average daily volume of 1,206,187 shares. The stock had previously closed at $40.02.

Analyst Ratings Changes

RARE has been the topic of a number of recent analyst reports. TD Cowen lifted their price objective on Ultragenyx Pharmaceutical from $61.00 to $73.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Piper Sandler boosted their price objective on shares of Ultragenyx Pharmaceutical from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday. Royal Bank of Canada restated an “outperform” rating and set a $77.00 price objective on shares of Ultragenyx Pharmaceutical in a research report on Wednesday, November 6th. Canaccord Genuity Group reiterated a “buy” rating and set a $121.00 price target on shares of Ultragenyx Pharmaceutical in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Ultragenyx Pharmaceutical from $105.00 to $102.00 and set an “overweight” rating for the company in a report on Thursday, November 21st. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Ultragenyx Pharmaceutical presently has an average rating of “Moderate Buy” and a consensus price target of $92.29.

Ultragenyx Pharmaceutical Price Performance

The firm has a 50-day simple moving average of $45.30 and a 200 day simple moving average of $49.52. The stock has a market capitalization of $3.69 billion, a P/E ratio of -6.18 and a beta of 0.58.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last announced its quarterly earnings data on Tuesday, November 5th. The biopharmaceutical company reported ($1.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.45) by $0.05. The company had revenue of $139.49 million for the quarter, compared to the consensus estimate of $135.28 million. Ultragenyx Pharmaceutical had a negative return on equity of 187.12% and a negative net margin of 106.93%. The firm’s revenue was up 42.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($2.23) EPS. Sell-side analysts anticipate that Ultragenyx Pharmaceutical Inc. will post -6.21 earnings per share for the current fiscal year.

Insider Transactions at Ultragenyx Pharmaceutical

In other Ultragenyx Pharmaceutical news, CEO Emil D. Kakkis sold 11,727 shares of the business’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $42.23, for a total transaction of $495,231.21. Following the completion of the sale, the chief executive officer now directly owns 2,183,985 shares of the company’s stock, valued at approximately $92,229,686.55. The trade was a 0.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Millennium Management LLC lifted its stake in Ultragenyx Pharmaceutical by 103.8% during the 2nd quarter. Millennium Management LLC now owns 1,850,734 shares of the biopharmaceutical company’s stock valued at $76,065,000 after acquiring an additional 942,529 shares in the last quarter. Alkeon Capital Management LLC lifted its position in shares of Ultragenyx Pharmaceutical by 34.3% during the third quarter. Alkeon Capital Management LLC now owns 3,011,716 shares of the biopharmaceutical company’s stock valued at $167,301,000 after purchasing an additional 769,884 shares in the last quarter. Two Sigma Advisers LP boosted its holdings in Ultragenyx Pharmaceutical by 123.4% during the third quarter. Two Sigma Advisers LP now owns 987,800 shares of the biopharmaceutical company’s stock worth $54,872,000 after purchasing an additional 545,600 shares during the last quarter. Frazier Life Sciences Management L.P. bought a new stake in Ultragenyx Pharmaceutical in the 2nd quarter worth about $17,468,000. Finally, Ikarian Capital LLC bought a new stake in Ultragenyx Pharmaceutical in the 3rd quarter worth about $9,943,000. Hedge funds and other institutional investors own 97.67% of the company’s stock.

Ultragenyx Pharmaceutical Company 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.