CRT Capital Initiates Coverage On Ultragenyx Pharmaceutical

CRT Capital on Wednesday initiated coverage on Ultragenyx Pharmaceutical Inc (NASDAQ: RARE) after the company has made strides toward commercializing its products. CRT Capital rates Ultragenyx as a Buy with a $90 price target.Analyst Carol Werther wrote, "Six programs are in Phases 2 or 3 of the drug approval process, with key data and late-stage progress expected across the pipeline in 2015... Revenue should accelerate rapidly as Ultragenyx exploits the orphan drug opportunity... because of a stellar management team."While Ultragenyx is currently unprofitable, CRT Capital believes that with key data and late-stage progress expected across the pipeline in 2015 the pharmaceutical company's strategy should contribute to positive earnings by 2018. The company requires a relatively small investment in early stage research, along with having a track record of selecting targeted diseases with a clear biology. Both of these strategic initiative may contribute to the company's success.Shares of Ultragenyx recently traded at $57.05, down 2.2 percent.