Piper Jaffray Raises Price Target on Ultragenyx Pharma (RARE) to $82; Reiterates Overweight

August 9, 2016 8:53 AM EDT
Get Alerts RARE Hot Sheet
Price: $69.19 -5.23%

Rating Summary:
    16 Buy, 1 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Piper Jaffray reiterated an Overweight rating on Ultragenyx Pharma (NASDAQ: RARE), and raised the price target to $82.00 (from $70.00), following the company's 2Q earnings report.

Analyst Steven Breazzano commented, "After the close, RARE reported 2Q earnings and provided an update ahead of what we expect will be a busy 2H with multiple clinical and regulatory catalysts. The company remains on track to report additional data from the flagship asset KRN23 in XLH and TIO, along with important updates from the rest of the pipeline. While we anticipate positive updates from the portfolio to continue the trend of recent positive newsflow (e.g., Phase 3 data from rhGUS in MPS VII, Breakthrough Designation for KRN23), success on all of these events is not part of our thesis. We reiterate our OW rating and our PT moves from $70 to $82 following minor adjustments to our model, see below for details."

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 $65.35 yesterday.

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