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UPDATE: Morgan Stanley Initiates Coverage on Ultragenyx Pharmaceutical on Growing Orphan Drug Pipeline


In a report published Tuesday, Morgan Stanley analyst David Friedman initiated coverage on Ultragenyx Pharmaceutical (NASDAQ: RARE) with an Overweight rating and $81.00 price target.

In the report, Morgan Stanley noted, “Ultragenyx is an orphan disease focused co. that has in-licensed a series of interesting early/mid stage drugs. The current in-licensing model mitigates some of the high spend and clinical risk in drug discovery, setting the co. up ideally to have solid profitability. We currently view KRN23 and triheptanoin as key value drivers within the current pipeline, and expect business dev't to expand the pipeline with time. Importantly, while our risk/reward framework implies both sig. upside and downside are possible vs. the current stock price and our PT, we view the bear case (no drug success from the current pipeline) as very unlikely. This low probability skews the risk/reward sig. upwards.”

Ultragenyx Pharmaceutical closed on Monday at $58.01.

Latest Ratings for RARE

Feb 2021SVB LeerinkMaintainsOutperform
Feb 2021BarclaysMaintainsOverweight
Feb 2021Piper SandlerMaintainsOverweight

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