In a recent transaction on June 10, Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) director Sanders Corazon (Corsee) D. sold 1,737 shares of the company's common stock, netting a total of $71,390. The shares were sold at a price of $41.10 each.
Sanders Corazon, who serves as a director of Ultragenyx, a biopharmaceutical company focused on developing treatments for rare and ultra-rare diseases, completed the sale as detailed in the latest SEC filings. Following the transaction, Corazon still owns 7,248 shares in the company. The disclosed ownership includes shares of common stock underlying RSUs that are granted to Corazon, which are subject to certain vesting conditions as per the footnotes in the SEC filing.
Ultragenyx Pharmaceutical has been a key player in the biotech industry, known for its innovative approach to treating complex diseases. The sale by a member of the company's board is often of interest to investors, as it provides insights into the perspectives of the company's insiders regarding the stock's value.
The transaction was carried out in compliance with SEC regulations, and the details have been fully disclosed in accordance with federal securities laws. Investors and market watchers often keep a close eye on insider transactions as they can sometimes provide valuable clues about a company's future performance.
For those holding Ultragenyx shares or considering an investment, insider sales and purchases can serve as one of many factors to consider when evaluating the company's prospects. Ultragenyx continues its efforts in research and development to bring new therapies to market, aiming to address the unmet needs of patients with rare genetic diseases.
In other recent news, Ultragenyx Pharmaceutical Inc. has seen a flurry of analyst activity following positive outcomes from its Phase 3 GlucoGene study. Goldman Sachs (NYSE:GS) upgraded Ultragenyx shares from Neutral to Buy, citing confidence in the company's monoclonal antibody setrusumab for treating osteogenesis imperfecta and its diverse rare disease pipeline. The firm is also monitoring the progress of gene therapies GTX-102 and UX701, and expects Ultragenyx to reach GAAP profitability in 2027.
Baird raised the price target for Ultragenyx shares to $72 and maintained an Outperform rating, following successful results from the GlucoGene study evaluating the company's gene therapy candidate, DTX401. Stifel also increased the price target on Ultragenyx shares to $127, noting the significant reduction in the need for cornstarch, a dietary supplement used to manage GSDIa.
Piper Sandler maintained an Overweight rating and a $135.00 price target on Ultragenyx, pointing to sustained glucose control and significant reductions in daily cornstarch intake. Lastly, Canaccord Genuity raised the price target to $111, signaling confidence in Ultragenyx's prospects. These recent developments underline the growing confidence in the potential success of Ultragenyx's DTX401 therapy.
InvestingPro Insights
Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) has caught the attention of the market with its focus on rare and ultra-rare diseases. As investors consider the implications of insider transactions like the recent sale by director Sanders Corazon, it's important to look at the financial health and market performance of the company. Based on the latest data from InvestingPro, Ultragenyx has a market capitalization of $3.48 billion and a notably high Price / Book ratio of 24.86 as of Q1 2024, which may suggest that the stock is priced at a premium relative to its book value.
The company's financials reveal a challenging picture, with a negative gross profit margin of -60.26% for the last twelve months as of Q1 2024. This indicates that Ultragenyx is currently spending more to produce its goods than it earns from their sale. Additionally, the company's P/E ratio stands at -5.65, reflecting that it is not currently profitable.
InvestingPro Tips highlight that Ultragenyx is quickly burning through cash and suffers from weak gross profit margins. Analysts do not anticipate the company will be profitable this year, which aligns with the negative P/E ratio. However, the company does have liquid assets that exceed its short-term obligations, providing some financial flexibility in the near term. It's also worth noting that the company does not pay dividends, which is not uncommon for growth-focused biotech firms that reinvest earnings into research and development.
For those interested in a deeper analysis, InvestingPro offers additional tips on Ultragenyx. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes comprehensive data and insights to aid in investment decisions. There are 6 more InvestingPro Tips available that could provide further understanding of Ultragenyx's financial and market position.
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