Goldman Sachs Reiterates Buy Rating on Ultragenyx Pharma (RARE)

Goldman Sachs analyst Salveen Richter reiterated a Buy rating and $78.00 price target on Ultragenyx Pharma (NASDAQ: RARE).

The analyst comments "RARE reported 4Q total revenue of $164.9mn (in-line with the January pre-announcement range and above GSe/Visible Alpha Consensus Data of $159.7mn/$144.2mn), inclusive of Crysvita and Dojolvi sales of $115.2mn and $31.1mn (consistent with the pre-announcement; vs. GSe/Visible Alpha of $111.2mn/$97.6mn and $30mn/$24.5mn, respectively), and reiterated FY25 total revenue guidance of $640mn-$670mn (vs. new GSe/Visible Alpha of $654mn/$637mn). The discussion of the Ph3 Orbit study of setrusumab in osteogenesis imperfecta dominated the earnings call ahead of the mid-year interim analysis (noting patients will have 12 to 20 months of follow-up), where management reiterated confidence in the overall study's success and highlighted readthrough from the Ph2 portion, which recall, demonstrated a 67% reduction in annualized fracture rate at 14 months (p=0.0014), albeit acknowledging the risk of variability given the range of baseline fracture rates. Ex-setrusumab, we see the potential for further upside from the pipeline, notably via the PDUFA decision and potential commercial launch for gene therapy UX111 in Sanfilippo syndrome (under an accelerated approval pathway) in 2H25 and the BLA filing for gene therapy DTX401 in GSD1a in mid-2025. Net, we remain positive on the clinical and commercial outlook for setrusumab in OI amongst other drivers."

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 $43.52 yesterday.

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