Ultragenyx price target lowered to $124 from $131 at Stifel

Stifel lowered the firm’s price target on Ultragenyx to $124 from $131 and keeps a Buy rating on the shares. The firm thinks the year-end 2023 rally in biotech, complemented by several M&A headlines during the JPMorgan conference, has “infused some renewed optimism into the space,” but sees that underscoring the significance of each company’s execution and/or the outcome of the clinical catalysts to further build on that momentum. Ultragenyx pre-announced FY23 numbers and the firm has updated its models accordingly, the analyst tells investors. The firm also highlights Ultragenyx as “one of the more busy stocks this year,” with noteworthy readouts across at least two programs – Phase 3 data for DTX-401 and Phase 1/2 data for GTX-102 in Angelman syndrome.