Wells cuts Ultragenyx target, not throwing in the towel yet

Wells Fargo analyst Benjamin Burnett lowered the firm’s price target on Ultragenyx (RARE) to $45 from $65 and keeps an Overweight rating on the shares after setrusumab missed on its primary endpoint in both the ORBIT and COSMIC trials. The firm points out that setrusumab hit statistical significance on bone mineral density, the secondary endpoint, in both studies. The stock’s risk/reward is now “highly favorable” into FDA feedback, the analyst tells investors in a research note. Wells believes “it’s too soon to throw in the towel” on Ultragenyx. The firm’s key opinion leader checks imply bone mineral density as an objective measure of efficacy and a willingness to prescribe based on the benefits.