Ultragenyx Pharma (RARE): Raising PT on Positive KRN23 Trial - H.C. Wainwright
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H.C. Wainwright analyst, Carol Ann Werther, reiterated her Buy rating on shares of Ultragenyx Pharma (NASDAQ: RARE) and raised her price target to $109 from $102. Data from the ongoing open label pediatric 52 patient study of KRN23 included 40 week data from all patients and 64 week results from the first 36 patients enrolled in the study. Overall, patients demonstrated an improvement in metabolic measures including serum phosphorus levels and level of rickets disease, growth rates and functional outcomes at 40 weeks and 64 weeks. KRN23 improved growth, walking ability, and functional ability. The results the 2QW dosing were better than the 4QW dosing and the analyst believes that the 2QW will proceed into the Phase 3 trial.
The analyst went on to state "The improvement in growth velocity and substantial bone healing were particularly impressive" and "the data showed statistically significant improvements in growth velocity as well as height z-score, which accounts for the patient's age and gender".
Shares of Ultragenyx Pharma closed at $74.05 yesterday.
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