JPMorgan views the selloff in shares of Ultragenyx (RARE) as overdone after the company announced the Phase 3 ORBIT trial of setrusumab in osteogenesis imperfecta will be progressing to the final analysis, which is expected around the end of the year. The firm views the pullback as a “material overreaction,” saying it had expected more “sentiment-based downside” in the mid- to high-single digit percentage range. JPMorgan’s positive outlook on setrusumab in osteogenesis imperfecta has not changed. On a win in the final analysis, it sees the stock having the potential to go to the mid-$60s to low-$70s. The firm keeps an Overweight rating on Ultragenyx.
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