JPMorgan Downgrades Ultragenyx Pharmaceutical to Neutral Rating

Ultragenyx Pharmaceutical (NASDAQ:RARE) has received a downgrade from JPMorgan Chase & Co. to a 'neutral' rating from an 'overweight' one, according to a report released on Thursday.

The biopharmaceutical company's stock was downgraded due to its current market performance and the overall economic conditions. The new target price set by JPMorgan Chase & Co. is $36.00, indicating a potential upside of 35.70% from the stock's current price.

This rating change comes after several other brokerages have issued reports on RARE. Wedbush cut their target price on Ultragenyx Pharmaceutical from $27.00 to $26.00 and set a 'neutral' rating on the stock in a report on Wednesday, May 6th. HC Wainwright restated a 'buy' rating and set a $50.00 price objective on shares of Ultragenyx Pharmaceutical in a report on Monday, August 10th.

Ultragenyx Pharmaceutical has seen its revenue increase by 28.5% compared to the same quarter last year, but the company still reported a negative return on equity of 1,024.42% and a negative net margin of 81.79%. The firm's commercial portfolio includes treatments for X-linked hypophosphatemia, mucopolysaccharidosis VII, and long-chain fatty acid oxidation disorders.

Despite the downgrade, Ultragenyx Pharmaceutical has a strong presence in the biopharmaceutical market, with a market cap of $2.62 billion and a P/E ratio of -4.54. The company's stock is owned by 97.67% of hedge funds and other institutional investors.