Fred Alger Management LLC Reduces Stock Position in Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE)

Fred Alger Management LLC cut its stake in shares of Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) by 2.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 536,298 shares of the biopharmaceutical company’s stock after selling 12,607 shares during the period. Fred Alger Management LLC owned about 0.58% of Ultragenyx Pharmaceutical worth $29,791,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Alkeon Capital Management LLC grew its holdings in shares of Ultragenyx Pharmaceutical by 34.3% in the third quarter. Alkeon Capital Management LLC now owns 3,011,716 shares of the biopharmaceutical company’s stock worth $167,301,000 after acquiring an additional 769,884 shares during the period. Federated Hermes Inc. boosted its position in Ultragenyx Pharmaceutical by 8.7% in the second quarter. Federated Hermes Inc. now owns 2,107,025 shares of the biopharmaceutical company’s stock worth $86,599,000 after purchasing an additional 168,345 shares during the last quarter. Millennium Management LLC grew its stake in shares of Ultragenyx Pharmaceutical by 103.8% during the 2nd quarter. Millennium Management LLC now owns 1,850,734 shares of the biopharmaceutical company’s stock valued at $76,065,000 after purchasing an additional 942,529 shares during the period. Marshall Wace LLP increased its position in shares of Ultragenyx Pharmaceutical by 16.9% during the 2nd quarter. Marshall Wace LLP now owns 1,133,100 shares of the biopharmaceutical company’s stock valued at $46,570,000 after purchasing an additional 164,110 shares during the last quarter. Finally, First Light Asset Management LLC increased its position in shares of Ultragenyx Pharmaceutical by 21.8% during the 2nd quarter. First Light Asset Management LLC now owns 963,146 shares of the biopharmaceutical company’s stock valued at $39,585,000 after purchasing an additional 172,700 shares during the last quarter. 97.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RARE. Wells Fargo & Company raised their price objective on shares of Ultragenyx Pharmaceutical from $72.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. Royal Bank of Canada restated an “outperform” rating and set a $77.00 target price on shares of Ultragenyx Pharmaceutical in a research note on Wednesday, November 6th. JPMorgan Chase & Co. lowered their price target on Ultragenyx Pharmaceutical from $105.00 to $102.00 and set an “overweight” rating on the stock in a report on Thursday, November 21st. Wedbush raised their price objective on Ultragenyx Pharmaceutical from $43.00 to $46.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Barclays lowered their price objective on shares of Ultragenyx Pharmaceutical from $83.00 to $81.00 and set an “overweight” rating for the company in a research report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.46.

Ultragenyx Pharmaceutical Price Performance

NASDAQ RARE opened at $47.63 on Friday. The stock has a 50-day moving average of $52.04 and a two-hundred day moving average of $48.61. The company has a market cap of $4.40 billion, a P/E ratio of -7.36 and a beta of 0.58. Ultragenyx Pharmaceutical Inc. has a 1-year low of $37.02 and a 1-year high of $60.37.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last released its quarterly earnings data on Tuesday, November 5th. The biopharmaceutical company reported ($1.40) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.45) by $0.05. The business had revenue of $139.49 million during the quarter, compared to analysts’ expectations of $135.28 million. Ultragenyx Pharmaceutical had a negative net margin of 106.93% and a negative return on equity of 187.12%. The company’s revenue for the quarter was up 42.3% on a year-over-year basis. During the same period in the previous year, the company earned ($2.23) EPS. On average, analysts anticipate that Ultragenyx Pharmaceutical Inc. will post -6.2 EPS for the current fiscal year.

Insider Transactions at Ultragenyx Pharmaceutical

In related news, CFO Howard Horn sold 7,465 shares of the business’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $52.76, for a total value of $393,853.40. Following the completion of the transaction, the chief financial officer now owns 92,301 shares of the company’s stock, valued at approximately $4,869,800.76. The trade was a 7.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Emil D. Kakkis sold 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $55.85, for a total value of $1,117,000.00. Following the transaction, the chief executive officer now directly owns 2,223,985 shares in the company, valued at approximately $124,209,562.25. This represents a 0.89 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,556 shares of company stock worth $1,515,967. Company insiders own 5.80% of the company’s stock.

About Ultragenyx Pharmaceutical

Ultragenyx Pharmaceutical Inc, a biopharmaceutical company, focuses on the identification, acquisition, development, and commercialization of novel products for the treatment of rare and ultra-rare genetic diseases in North America, Latin America, Japan, Europe, and internationally. Its biologic products include Crysvita (burosumab), an antibody targeting fibroblast growth factor 23 for the treatment of X-linked hypophosphatemia, as well as tumor-induced osteomalacia; Mepsevii, an enzyme replacement therapy for the treatment of children and adults with Mucopolysaccharidosis VII; Dojolvi for treating long-chain fatty acid oxidation disorders; and Evkeeza (evinacumab) for the treatment of homozygous familial hypercholesterolemia.