Ultragenyx price target lowered to $79 from $80 at BofA

BofA lowered the firm’s price target on Ultragenyx (RARE) to $79 from $80 and keeps a Buy rating on the shares. Ultragenyx announced they have received a complete response letter from the FDA regarding their application for UX111 in Sanfilippo syndrome highlighting that the agency did not have issues with the clinical data package but requested additional information and improvements related to chemistry, manufacturing and controls, the analyst tells investors in a research note. BofA looks for color on the scheduling of the Type A meeting as well as clarity on potential readthrough to the company’s other gene therapy programs.