Jul. 28 at 11:47 AM
H.C. Wainwright assumed coverage on
$RARE Buy/
$80.
$MREO $XBI
H.C. Wainwright said, "We are assuming coverage of Ultragenyx Pharmaceuticals with a Buy rating and 12-month price target of
$80.
In our view, Ultragenyx shares represent an attractive opportunity at current levels, down 35% YTD vs. only a 2.7% decline in the benchmark
$XBI index.
From our vantage point, Ultragenyx shares have primarily come under pressure due to investor disappointment in the interim readout from the pivotal Orbit trial of its candidate UX143 (setrusumab), which is being developed for treatment of osteogenesis imperfecta (Ol).
While originally sentiment was buoyed by the expectation that the interim readout would be sufficient to support regulatory submission and approval, Ultragenyx announced earlier this month that the Orbit trial would instead progress toward a final analysis consistent with the original statistical plan, with results slated to be released around the end of this year.
H.C. Wainwright added:
