JPMorgan ups Ultragenyx target, opens ‘Positive Catalyst Watch’ into data

JPMorgan analyst Anupam Rama raised the firm’s price target on Ultragenyx to $92 from $88 and keeps an Overweight rating on the shares. The analyst also placed the shares on “Positive Catalyst Watch” ahead of the near-term GTX-102 readout in Angelman syndrome. The firm sees a high probability of an “upside win scenario” and favorable reward/risk profile for Ultragenyx shares heading into the Phase 1/2 GTX-102 dose expansion readout. It sees upside potential in the $10-$20 per share range on a win scenario on a probability of success increase versus downside in the mid-single digit range. JPMorgan believes the stock is undervalued.