Jefferies raised its price target on Ultragenyx Pharma (NASDAQ: RARE) to $68.00 (from $66.00) while maintaining a Hold rating. 1Q expenses consisted of $51.3M R&D vs. $48.0M estimates, and $18.7M G&A vs. $20.2M.

Following recently reported ph.III KRN23 results in adult XLH, RARE included some additional data in their 1Q PR showing benefit on bone fractures. Analyst Maury Raycroft continues to believe that KRN23 has a high chance of approval, even though a stat sig miss on pain may invite some regulator/KOL pushback.