Piper Jaffray analyst Steven Breazzano downgraded Ultragenyx Pharmaceutical to Neutral after the company reported tonight that the Phase 2 triheptanoin study in Glut1DS patients with seizures missed the primary endpoint of overall seizure reduction. With the stock down only around 5% on the news, the valuation assumes success on KRN23 in x-linked hypophosphatemia as well as "meaningful" pipeline contribution, Breazzano tells investors in a research note. He no longer sees "room for outperformance" and cut his price target for Ultragenyx shares to $70 from $96. In post-market trading, the stock dropped 7% to $73.20.