Ultragenyx price target lowered to $60 from $80 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Ultragenyx (RARE) to $60 from $80 and keeps a Buy rating on the shares after the two setrusumab pivotal trials in osteogenesis imperfecta failed to meet their primary endpoint. The firm views the setrusumab failure as “merely a bump in the road” and tells investors to consider accumulating Ultragenyx shares at current levels. Ultragenyx remains “a diversified, commercial-stage company with multiple revenue streams from marketed products as well as a rich pipeline of clinical-stage assets,” contends H.C. Wainwright.