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Fly News Breaks for January 10, 2020
RARE
Jan 10, 2020 | 05:22 EDT
Piper Sandler analyst Christopher Raymond says Ultragenyx Pharmaceutical issued a "surprisingly positive" update for its DTX301 gene therapy program. While it seemed expectations for the data were lowered after an additional prophylactic steroid treatment cohort was added to the study earlier this year, yesterday's update for Cohort 3 in the ongoing Phase 1/2 study "knocked it out of the park," Raymond tells investors in a research note. Two of three patients in the highest dose cohort responded to treatment, and the third patient has been deemed a potential responder, plus an additional patient from Cohort 2 responded, adds the analyst. The update removes "any sort of" overhang to the DTX301 program and the gene therapy franchise, he contends. Raymond remains a buyer of Ultragenyx and continues to like the stock's setup. He has an Overweight rating on the name with a $70 price target.
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