In a report released today, Tazeen Ahmad from Bank of America Securities reiterated a Buy rating on Ultragenyx Pharmaceutical, with a price target of $79.00.
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Tazeen Ahmad’s rating is based on the potential of Ultragenyx Pharmaceutical’s pipeline, despite the recent setback with the FDA’s complete response letter (CRL) for UX111 in Sanfilippo syndrome. The CRL was issued due to chemistry, manufacturing, and controls (CMC) issues, but the clinical data was not questioned, which suggests that the approval is still likely once these issues are addressed.
Ultragenyx’s management is actively working to resolve these CMC issues and plans to resubmit their Biologics License Application (BLA) within a few months. Additionally, the company has a strong pipeline with promising programs in other areas such as osteogenesis imperfecta and Angelman syndrome, which supports the Buy rating and a price objective of $79. Despite the delay in UX111’s market entry, the long-term potential of the company’s other programs remains robust, justifying the positive outlook.
According to TipRanks, Ahmad is an analyst with an average return of -4.2% and a 47.24% success rate. Ahmad covers the Healthcare sector, focusing on stocks such as Incyte, Ultragenyx Pharmaceutical, and ACADIA Pharmaceuticals.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $86.00 price target.