Analyst Anupam Rama of J.P. Morgan reiterated a Buy rating on Ultragenyx Pharmaceutical, retaining the price target of $116.00.
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Anupam Rama has given his Buy rating due to a combination of factors that highlight the potential of Ultragenyx Pharmaceutical’s setrusumab program. The positive outlook on the ORBIT study and the setrusumab program remains unchanged, with expectations of a favorable reward-to-risk profile as the study progresses. Rama anticipates that if the interim analysis or final analysis of the ORBIT study is successful, the company’s stock could rise significantly, reaching the mid-$60s to low-$70s per share.
Moreover, the analyst underscores the commercial momentum and pipeline optionality of Ultragenyx, which supports the Buy rating. The valuation of the current commercial business provides a backstop, and there is potential for sentiment-driven upside if the setrusumab program meets its key milestones. The possibility of setrusumab achieving peak sales and an increase in probability of success further strengthens the investment case for Ultragenyx.
In another report released on July 7, TD Cowen also maintained a Buy rating on the stock with a $86.00 price target.