Ultragenyx price target lowered to $63 from $114 at Jefferies

Jefferies lowered the firm’s price target on Ultragenyx (RARE) to $63 from $114 and keeps a Buy rating on the shares. Setrusumab missed on its primary endpoint in both the ORBIT and COSMIC trials, sending shares of Mereo (MREO) and Ultragenyx down sharply, the analyst tells investors in a research note. The firm thinks Ultragenyx can rebound in 2026 as investors position for their Phase III Angelman readout, though the go-forward strategy for Mereo is riskier with the pipeline dependency remaining on a potential EUE path and need for alvelestat partnership.