Fly News Breaks for December 18, 2019
Dec 18, 2019 | 13:16 EDT
Piper Jaffray analyst Christopher Raymond reiterated an Overweight rating on Ultragenyx Pharmaceutical but cut his price target to $70 from $75, saying he remains a buyer of the stock after the company announced it will offload EU burosumab royalty rights to Royalty Pharma for $320M. In that his sum of parts had this royalty stream, the analyst said he believes Ultragenyx has monetized it for a "good price," as this brings the pro-forma cash balance up close to $850M to fund pipeline activities and potentially bring in additional rare disease assets. Raymond added that, with key catalysts well into next year, including updates from gene therapy assets DTX301 and DTX401, as well as a July 2020 PDUFA date for UX007, he continues to "like the setup."
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