Ultragenyx price target lowered to $58 from $72 at BofA

BofA lowered the firm’s price target on Ultragenyx (RARE) to $58 from $72 and keeps a Buy rating on the shares after the company announced the Phase 3 Orbit and Cosmic studies evaluating setrusumab in osteogenesis imperfecta failed to demonstrate a statistically significant benefit for the primary endpoint. Following the news, the firm removed OI value from its model and adjusted its operating expense estimates for the company’s plans to significantly reduce expenses.