Wedbush lowered the firm’s price target on Ultragenyx (RARE) to $35 from $39 and keeps a Neutral rating on the shares. The firm notes the company completed the second interim analysis of the setrusumab Phase 3 Orbit study. The study was not stopped early and will continue to the final planned analysis. While no safety issues were reported in the second interim analysis, Wedbush does think investors were disappointed that the annualized fracture rate efficacy hurdle was not met.
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