Piper ups Ultragenyx target to $89 on 'surprise' UX007 filing acceptance
Piper Jaffray analyst Christopher Raymond raised his price target for Ultragenyx Pharmaceutical to $89 from $85 on news that FDA has accepted the company's proposal to submit for approval of UX007 in long-chain fatty acid oxidation disorders, based on existing data. The news pulls commercialization forward by upwards of one year plus, Raymond tells investors in a research note titled "Surprise, Surprise! FDA Appears Fine With Early Trihep FAOD Filing." He points out that management's overall tone on the potential for filing early was very cautious. The analyst thinks many investors will be surprised by today's development and that shares will react favorably. Raymond keeps an Overweight rating on Ultragenyx.