Wells Fargo initiated protection of Ultragenyx Pharmaceutical (NASDAQ:RARE) with an obese score, stating that the inventory displays “restricted worth past industrial merchandise.”
The funding financial institution mentioned it believes issues over the corporate’s burn price and competitors have led traders to “overly low cost the pipeline optionality.”
Wells Fargo additionally mentioned it didn’t suppose the worth of the drug setrusumab was absolutely mirrored attributable to debates over potential competitors and pricing, including that it noticed gross sales of round $1B by 2035 for the product if gained approval for osteogenesis imperfecta.
The financial institution additionally believes traders are overlooking a number of pipeline applications due to their small contributions, however notes that they may add up over time.
Wells Fargo added that Ultragenyx had round $850M in PF money as of the top of Q3 and that burn is “prone to turn into much less of an overhang on shares.”
The financial institution set it costs goal for the inventory at $72.
Extra on Ultragenyx Pharmaceutical
Wells Fargo initiated protection of Ultragenyx Pharmaceutical (NASDAQ:RARE) with an obese score, stating that the inventory displays “restricted worth past industrial merchandise.”
The funding financial institution mentioned it believes issues over the corporate’s burn price and competitors have led traders to “overly low cost the pipeline optionality.”
Wells Fargo additionally mentioned it didn’t suppose the worth of the drug setrusumab was absolutely mirrored attributable to debates over potential competitors and pricing, including that it noticed gross sales of round $1B by 2035 for the product if gained approval for osteogenesis imperfecta.
The financial institution additionally believes traders are overlooking a number of pipeline applications due to their small contributions, however notes that they may add up over time.
Wells Fargo added that Ultragenyx had round $850M in PF money as of the top of Q3 and that burn is “prone to turn into much less of an overhang on shares.”
The financial institution set it costs goal for the inventory at $72.