Pier 88 Investment Partners LLC Sells 8,450 Shares of Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE)

Pier 88 Investment Partners LLC lowered its holdings in Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) by 37.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 14,090 shares of the biopharmaceutical company’s stock after selling 8,450 shares during the period. Pier 88 Investment Partners LLC’s holdings in Ultragenyx Pharmaceutical were worth $593,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC grew its stake in shares of Ultragenyx Pharmaceutical by 259.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 683 shares of the biopharmaceutical company’s stock valued at $29,000 after purchasing an additional 493 shares during the period. Human Investing LLC acquired a new stake in Ultragenyx Pharmaceutical in the 4th quarter valued at $42,000. True Wealth Design LLC bought a new stake in Ultragenyx Pharmaceutical in the third quarter valued at $43,000. Van ECK Associates Corp grew its position in Ultragenyx Pharmaceutical by 18.4% in the fourth quarter. Van ECK Associates Corp now owns 1,760 shares of the biopharmaceutical company’s stock valued at $74,000 after acquiring an additional 273 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in Ultragenyx Pharmaceutical during the third quarter worth $83,000. Institutional investors and hedge funds own 97.67% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Howard Horn sold 1,785 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $40.40, for a total value of $72,114.00. Following the transaction, the chief financial officer now directly owns 106,169 shares in the company, valued at $4,289,227.60. This trade represents a 1.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Karah Herdman Parschauer sold 2,990 shares of Ultragenyx Pharmaceutical stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $42.88, for a total value of $128,211.20. Following the sale, the executive vice president now directly owns 54,991 shares of the company’s stock, valued at approximately $2,358,014.08. This trade represents a 5.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 124,643 shares of company stock valued at $5,256,268. Company insiders own 5.80% of the company’s stock.

Analyst Ratings Changes

RARE has been the topic of several recent analyst reports. Wedbush restated a “neutral” rating and issued a $48.00 target price (up previously from $46.00) on shares of Ultragenyx Pharmaceutical in a research note on Monday, January 13th. JPMorgan Chase & Co. upped their price objective on shares of Ultragenyx Pharmaceutical from $104.00 to $117.00 and gave the stock an “overweight” rating in a research note on Thursday. Canaccord Genuity Group raised their price objective on shares of Ultragenyx Pharmaceutical from $121.00 to $136.00 and gave the stock a “buy” rating in a report on Tuesday, February 18th. Wells Fargo & Company boosted their target price on Ultragenyx Pharmaceutical from $75.00 to $88.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Finally, Piper Sandler dropped their price target on Ultragenyx Pharmaceutical from $140.00 to $115.00 and set an “overweight” rating for the company in a report on Monday, March 17th. One equities research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Ultragenyx Pharmaceutical presently has an average rating of “Moderate Buy” and an average target price of $92.79.

Ultragenyx Pharmaceutical Stock Down 2.8 %

Ultragenyx Pharmaceutical stock opened at $37.82 on Monday. The business’s 50-day simple moving average is $41.64 and its 200 day simple moving average is $46.77. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of -5.97 and a beta of 0.67. Ultragenyx Pharmaceutical Inc. has a 12-month low of $36.71 and a 12-month high of $60.37.

Ultragenyx Pharmaceutical (NASDAQ:RARE) last issued its earnings results on Thursday, February 13th. The biopharmaceutical company reported ($1.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.32) by ($0.07). The business had revenue of $164.88 million during the quarter, compared to the consensus estimate of $163.23 million. Ultragenyx Pharmaceutical had a negative net margin of 101.60% and a negative return on equity of 193.80%. As a group, sell-side analysts expect that Ultragenyx Pharmaceutical Inc. will post -5.18 EPS for the current year.

Ultragenyx Pharmaceutical Profile

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.