J.P. Morgan Believes Ultragenyx Pharmaceutical (NASDAQ: RARE) Still Has Room to Grow

J.P. Morgan analyst Cory Kasimov maintained a Buy rating on Ultragenyx Pharmaceutical (RAREResearch Report) on May 6 and set a price target of $76.00. The company’s shares closed last Friday at $91.97, close to its 52-week high of $99.25.

According to TipRanks.com, Kasimov is a 5-star analyst with an average return of 20.3% and a 55.8% success rate. Kasimov covers the Healthcare sector, focusing on stocks such as Alexion Pharmaceuticals, BioMarin Pharmaceutical, and ACADIA Pharmaceuticals.

Currently, the analyst consensus on Ultragenyx Pharmaceutical is a Strong Buy with an average price target of $90.57, implying a -1.7% downside from current levels. In a report issued on May 7, Wedbush also maintained a Buy rating on the stock with a $73.00 price target.

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The company has a one-year high of $99.25 and a one-year low of $31.99. Currently, Ultragenyx Pharmaceutical has an average volume of 470.9K.

Based on the recent corporate insider activity of 101 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RARE in relation to earlier this year. Most recently, in August 2020, William Aliski, a Director at RARE sold 5,000 shares for a total of $432,850.

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Ultragenyx Pharmaceutical, Inc. is a biopharmaceutical company, which engages in the identification, acquisition, development and commercialization of novel products for the treatment of serious rare and ultra-rare genetic diseases. Its product includes Mepsevii and Crysvita. Mepsevii is an intravenous, which is used for the treatment of Mucopolysaccharidosis VII. Crysvita is an antibody administered via subcutaneous injection used for the treatment of XLH. The company was founded by Emil D. Kakkis on April 22, 2010 and is headquartered in Novato, CA.