Ultragenyx price target lowered to $55 from $65 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Ultragenyx (RARE) to $55 from $65 and keeps an Overweight rating on the shares. Ultragenyx’s setrusumab strategy for osteogenesis imperfecta is scientifically supported and the chemistry, manufacturing and controls issues for UX111 are believed to be solvable, though these setbacks have heightened clinical and regulatory uncertainty, the analyst tells investors in a research note. The firm sees the market’s reaction to the setrusumab update as overdone, with further pressure expected from the complete response letter in the near-term.