Canaccord Genuity Group Reiterates Buy Rating for Ultragenyx Pharmaceutical (NASDAQ:RARE)

Canaccord Genuity Group restated their buy rating on shares of Ultragenyx Pharmaceutical (NASDAQ:RARE) in a research note released on Tuesday,Benzinga reports. They currently have a $121.00 price target on the biopharmaceutical company’s stock.

A number of other analysts have also recently commented on RARE. HC Wainwright upped their price target on Ultragenyx Pharmaceutical from $82.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. TD Cowen boosted their price objective on shares of Ultragenyx Pharmaceutical from $61.00 to $73.00 and gave the company a “buy” rating in a report on Monday, October 21st. Wedbush increased their target price on shares of Ultragenyx Pharmaceutical from $43.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Wells Fargo & Company boosted their price target on shares of Ultragenyx Pharmaceutical from $72.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, Barclays dropped their price objective on Ultragenyx Pharmaceutical from $83.00 to $81.00 and set an “overweight” rating on the stock in a research note on Monday, August 5th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.69.

Ultragenyx Pharmaceutical Stock Performance

Shares of RARE stock opened at $44.75 on Tuesday. The firm’s 50 day moving average price is $54.25 and its two-hundred day moving average price is $48.30. Ultragenyx Pharmaceutical has a 52-week low of $37.02 and a 52-week high of $60.37. The stock has a market cap of $4.13 billion, a PE ratio of -6.92 and a beta of 0.58.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last posted its quarterly earnings results on Tuesday, November 5th. The biopharmaceutical company reported ($1.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.45) by $0.05. The business had revenue of $139.49 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the company earned ($2.23) EPS. As a group, sell-side analysts predict that Ultragenyx Pharmaceutical will post -6.21 earnings per share for the current fiscal year.

Insider Transactions at Ultragenyx Pharmaceutical

In related news, CEO Emil D. Kakkis sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.85, for a total value of $1,117,000.00. Following the completion of the transaction, the chief executive officer now owns 2,223,985 shares of the company’s stock, valued at approximately $124,209,562.25. This trade represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Howard Horn sold 7,465 shares of the business’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $52.76, for a total transaction of $393,853.40. Following the sale, the chief financial officer now directly owns 92,301 shares in the company, valued at $4,869,800.76. This trade represents a 7.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,556 shares of company stock valued at $1,515,967 over the last three months. Company insiders own 5.80% of the company’s stock.

Institutional Trading of Ultragenyx Pharmaceutical

A number of hedge funds and other institutional investors have recently modified their holdings of RARE. Millennium Management LLC increased its position in shares of Ultragenyx Pharmaceutical by 103.8% during the 2nd quarter. Millennium Management LLC now owns 1,850,734 shares of the biopharmaceutical company’s stock worth $76,065,000 after purchasing an additional 942,529 shares during the last quarter. Alkeon Capital Management LLC grew its stake in shares of Ultragenyx Pharmaceutical by 34.3% in 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 buying an additional 769,884 shares in the last quarter. Two Sigma Advisers LP increased 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 buying an additional 545,600 shares during the last quarter. Avoro Capital Advisors LLC raised its position in Ultragenyx Pharmaceutical by 137.1% during the first quarter. Avoro Capital Advisors LLC now owns 830,000 shares of the biopharmaceutical company’s stock worth $38,753,000 after acquiring an additional 480,000 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. acquired a new stake in Ultragenyx Pharmaceutical in the second quarter valued at $17,468,000. Institutional investors and hedge funds own 97.67% of the company’s stock.

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.