California-based biopharmaceutical firm Ultragenyx Pharmaceutical (RARE) reported mixed financial results for the second quarter of 2021. The company develops and sells novel therapies for the treatment of rare and ultra-rare genetic diseases.
Ultragenyx reported a loss of $1.81 per share, compared to a profit of $0.41 per share in the second quarter of 2020. The Street expected the company to post a loss of $1.36 per share.
Quarterly revenue totaled nearly $87 million, higher than the year-ago revenue of $61.7 million and analysts’ expectations of $85.03 million.
Driven by a rise in demand, Crysvita revenue increased 38% year-over-year to $44.7 million during the quarter. (See Ultragenyx stock chart on TipRanks)
The CEO and President of Ultragenyx, Emil D. Kakkis, said, “We have one of the most robust late-stage pipelines in both gene therapy and other biologics for rare diseases and are on track to initiate four pivotal clinical trials over the next six months.”
The company has reaffirmed the guidance for 2021 and expects Crysvita revenue to range between $180 million and $190 million.
Following the announcement of the second-quarter results, Piper Sandler analyst Christopher Raymond maintained a Buy rating on the stock with a price target of $170 (110.3% upside potential).
In a research note to investors, the analyst said, “The company is full steam ahead with its gene therapy franchise that is set for multiple trial initiations expected in the second half of this year, but all eyes remain on its GTX-102 program for Angelman syndrome.”
Overall, the stock has a Moderate Buy consensus based on 7 Buys and 3 Holds. The average Ultragenyx Pharmaceutical price target of $150.33 implies nearly 86% upside potential. Shares of the company have lost 46.2% over the past six months.
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