Morgan Stanley analyst Maxwell Skor has maintained their bullish stance on RARE stock, giving a Buy rating today.
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Maxwell Skor has given his Buy rating due to a combination of factors related to Ultragenyx Pharmaceutical’s ongoing clinical trials and the potential of their drug, setrusumab. The Phase 3 Orbit study, which is focused on treating osteogenesis imperfecta with setrusumab, has shown an acceptable safety profile, and the Data Monitoring Committee has recommended continuing the study to its final analysis expected by the end of 2025.
Furthermore, previous trials have demonstrated promising results, with a significant reduction in fracture rates, which is expected to improve with longer follow-up periods. The differentiation of setrusumab, which promotes new bone formation, from existing treatments like bisphosphonates, which primarily reduce bone resorption, underscores its potential in addressing unmet medical needs. Despite some setbacks, the scientific rationale for setrusumab remains strong, and the market potential is reflected in the projected risk-adjusted peak sales.
Skor covers the Healthcare sector, focusing on stocks such as Pharvaris, Cytokinetics, and Insmed. According to TipRanks, Skor has an average return of -3.7% and a 45.45% success rate on recommended stocks.
In another report released today, Wells Fargo also maintained a Buy rating on the stock with a $65.00 price target.