Leerink Partners Remains Bullish on Ultragenyx Pharma (RARE) Following Announced MAA Withdrawal

November 11, 2016 10:46 AM EST
Get Alerts RARE Hot Sheet
Price: $70.74 -1.7%

Rating Summary:
    16 Buy, 1 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 21 | Down: 36 | New: 11
Trade RARE Now!
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.

Leerink Partners maintained an Outperform rating on Ultragenyx Pharma (NASDAQ: RARE), and cut the price target to $90.00 (from $94.00), following the company's announced withdrawal of the MAA for Ace-ER.

Analyst Joseph Schwartz commented, "Ultragenyx this morning announced its withdrawal of the MAA for Ace-ER, a substrate replacement therapy candidate for GNE myopathy (GNEM). Ace-ER had the potential to become the company's first commercial product albeit with a greater risk due to its limited data package generated to date (i.e., Ph.2 data). It is our belief that investors were already handicapping Ace-ER's conditional approval, and believe this turn of events has no readthrough to other drug candidates in development. Nevertheless, we are updating our model to adjust our estimates for Ace-ER, and while we are maintaining our OP rating on RARE, we are reducing our PT to $90 (from $94)."

For an analyst ratings summary and ratings history on Ultragenyx Pharma click here. For more ratings news on Ultragenyx Pharma click here.

Shares of Ultragenyx Pharma closed at $78.72 yesterday.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS Change, Analyst PT Change

Add Your Comment