Citi analyst Yigal Nochomovitz upgraded Ultragenyx to Neutral from Sell and raised his price target for the shares to $54 from $46. The analyst says his long-standing concerns on Ultragenyx's valuation "have substantially played out with recent pipeline disclosures having rapidly reset the valuation." He also acknowledges that the pace of Crysvita adoption has exceeded his expectations. However, he believe Crysvita's value is fully reflected in the stock at current levels. The upside/downside of the stock is now dependent on progress with Ultragenyx's gene therapy pipeline and the regulatory/commercial path for UX-007, Nochomovitz tells investors in a research note.