Piper Jaffray analyst Christopher Raymond finds it "somewhat puzzling" that investors appear to be giving Ultragenyx little credit for its gene therapy efforts despite the early clinical signals of efficacy seen from DTX301 after data from two cohorts of its ongoing Phase 1/2 study. He thinks this may start to change with more readouts for DTX401 in the second half of 2018 and for DTX301 in mid-2019. On DTX301 gene therapy for ornithine transcarbamylase deficiency, Raymond thinks it "is a dosing matter" and awaits to see if a higher dose can in fact elicit more responses. He maintains an Overweight rating on Ultragenyx shares.