Ultragenyx price target raised to $117 from $104 at JPMorgan

JPMorgan raised the firm’s price target on Ultragenyx (RARE) to $117 from $104 and keeps an Overweight rating on the shares. The firm believes the ORBIT IA2 study has a much higher probability of hitting statistical significance on annualized fracture rate relative to the first-interim analysis. The analyst remains of the view that either IA2 or the final ORBIT analysis “offers material upside.” Should ORBIT IA2 hit statistical significant, Ultragenyx shares could trade to the mid- $60s to low-$70s versus downside into the mid-$20s to low-$30s on a miss, creating a “very favorable” reward/risk profile, the analyst tells investors in a research note.