Wells Fargo raises Ultragenyx Pharma price target on phase 3 data
Wells Fargo has increased its price target for Ultragenyx Pharma stock (NASDAQ: RARE) from $46.00 to $50.00 while keeping an Overweight rating. Analyst Ben Burnett expressed uncertainty about Ultragenyx's pipeline, with targets ranging from $28 to $103. Burnett believes the odds of success for Ultragenyx's GTX-102 Angelman Syndrome phase 3 readout are below 50%.
Key debates revolve around the reproducibility of phase 2, safety concerns, and the potential for radiculopathy. The drug development industry (MDRI) also plays a significant role in discussions. Ultragenyx is experiencing cash burn, with $489 million in negative free cash flow over the last year. In other news, Ultragenyx received accelerated FDA approval for its gene therapy, GENGLYCOS (DTX401), which treats glycogen storage disease type Ia.
This approval was based on a Phase 3 study showing a significant reduction in cornstarch needs for treated patients compared to placebo. Canaccord and H.C. Wainwright have also increased their price targets for Ultragenyx shares to $83 with a Buy rating. Additionally, Ultragenyx settled a patent litigation dispute with Esjay Pharma concerning its product DOJOLVI.
These developments showcase Ultragenyx's progress in regulatory approvals, legal matters, and the challenges it faces in the drug development sector.
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