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

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.

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