Ultragenyx price target lowered to $115 from $140 at Piper Sandler

Piper Sandler lowered the firm’s price target on Ultragenyx (RARE) to $115 from $140 and keeps an Overweight rating on the shares after analyst coverage transfer. The firm says that while this name boasts a strong commercial business, Piper notes a collection of high value, relatively low risk assets with appropriate balance across early, mid- and late-stage development. Several key clinical and regulatory catalysts are on tap, most near-term and top of mind being the second interim analysis of setrusumab around mid-year. More so, with successful UX111 BLA submission, the company’s inaugural gene therapy launch could come by year-end 2025. Given this, along with progress across other rare disease programs, Piper sees numerous meaningful drivers of near-term value inflection despite shares currently reflecting little in the way of pipeline credit.