Canaccord Genuity Lowers Ultragenyx Pharmaceutical (RARE) Price Target to $75.00

Ultragenyx Pharmaceutical (NASDAQ:RARE) had its target price decreased by Canaccord Genuity from $90.00 to $75.00 in a research report released on Wednesday morning, The Fly reports. Canaccord Genuity currently has a buy rating on the biopharmaceutical company’s stock.

Several other brokerages also recently commented on RARE. SunTrust Banks increased their target price on shares of Ultragenyx Pharmaceutical to $83.00 and gave the company a positive rating in a report on Monday, August 20th. Bank of America increased their target price on shares of Ultragenyx Pharmaceutical from $72.00 to $94.00 and gave the company a buy rating in a report on Tuesday, September 11th. Barclays reiterated an overweight rating and issued a $92.00 target price (up previously from $74.00) on shares of Ultragenyx Pharmaceutical in a report on Friday, August 3rd. Morgan Stanley set a $70.00 target price on shares of Ultragenyx Pharmaceutical and gave the company a hold rating in a report on Monday, October 29th. Finally, Piper Jaffray Companies lowered their target price on shares of Ultragenyx Pharmaceutical to $70.00 and set an overweight rating for the company in a report on Friday, October 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the stock. The company has an average rating of Buy and an average price target of $75.95.

Shares of Ultragenyx Pharmaceutical stock traded up $1.05 during trading hours on Wednesday, reaching $54.66. The company’s stock had a trading volume of 20,140 shares, compared to its average volume of 707,030. Ultragenyx Pharmaceutical has a one year low of $41.67 and a one year high of $90.98. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of -7.29 and a beta of 2.34.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last announced its earnings results on Monday, November 5th. The biopharmaceutical company reported ($1.74) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.94) by $0.20. The company had revenue of $11.80 million during the quarter, compared to the consensus estimate of $11.97 million. Ultragenyx Pharmaceutical had a negative net margin of 508.70% and a negative return on equity of 41.08%. The firm’s revenue for the quarter was up 5800.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.87) earnings per share. As a group, sell-side analysts forecast that Ultragenyx Pharmaceutical will post -4.35 earnings per share for the current fiscal year.

In related news, Director William Aliski sold 19,550 shares of the firm’s stock in a transaction dated Monday, October 8th. The shares were sold at an average price of $72.49, for a total transaction of $1,417,179.50. Following the completion of the sale, the director now owns 72,610 shares in the company, valued at $5,263,498.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Shalini Sharp sold 6,700 shares of the firm’s stock in a transaction dated Tuesday, September 25th. The stock was sold at an average price of $90.07, for a total transaction of $603,469.00. Following the sale, the chief financial officer now owns 56,828 shares of the company’s stock, valued at approximately $5,118,497.96. The disclosure for this sale can be found here. Insiders have sold 31,250 shares of company stock valued at $2,413,299 in the last 90 days. 8.40% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Swiss National Bank increased its holdings in Ultragenyx Pharmaceutical by 5.7% during the second quarter. Swiss National Bank now owns 82,052 shares of the biopharmaceutical company’s stock worth $6,307,000 after buying an additional 4,400 shares during the last quarter. Amalgamated Bank increased its holdings in Ultragenyx Pharmaceutical by 20.8% during the second quarter. Amalgamated Bank now owns 7,176 shares of the biopharmaceutical company’s stock worth $552,000 after buying an additional 1,236 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its holdings in Ultragenyx Pharmaceutical by 7.3% during the second quarter. Metropolitan Life Insurance Co. NY now owns 15,187 shares of the biopharmaceutical company’s stock worth $1,167,000 after buying an additional 1,037 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Ultragenyx Pharmaceutical by 52.4% in the second quarter. American Century Companies Inc. now owns 55,975 shares of the biopharmaceutical company’s stock worth $4,303,000 after purchasing an additional 19,255 shares in the last quarter. Finally, Advisors Asset Management Inc. purchased a new position in shares of Ultragenyx Pharmaceutical in the second quarter worth about $181,000. Institutional investors and hedge funds own 96.78% of the company’s stock.

About Ultragenyx Pharmaceutical

Ultragenyx Pharmaceutical Inc, a biopharmaceutical company, focuses on the identification, acquisition, development, and commercialization of various products for the treatment of rare and ultra-rare genetic diseases in the United States. Its biologics product candidate includes Mepsevii, an enzyme replacement therapy for the treatment of children and adults with Mucopolysaccharidosis VII.

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