Ultragenyx price target lowered to $74 from $120 at JPMorgan

JPMorgan lowered the firm’s price target on Ultragenyx (RARE) to $74 from $120 and keeps an Overweight rating on the shares. At current share levels, the analyst sees no value being ascribed for GTX-102 in Angelman syndrome. Ultragenyx shares have “essentially no minimal value for the broader pipeline” as the value of the commercial business is in the high-teens to low-$20s per share range, the analyst tells investors in a research note. JPMorgan acknowledges, however, that it may take positive clinical data to gain fundamental credit for GTX-102. It reduced its peak sales and probability of success for setrusumab post setback late last year.