Ultragenyx a new Overweight at Cantor after recent selloff

• Shares of Ultragenyx Pharmaceutical (NASDAQ:RARE) gained in the morning hours Wednesday after Cantor Fitzgerald launched its coverage with an Overweight rating and a $114 per share target noting a compelling opportunity after its recent selloff.
• Cantor argues that the share of the RARE has lost 42% over the past year while the broader biotech space remained flat, which, according to the firm, indicates that the rare-disease-focused biotech has not got enough credit at least for its commercial portfolio.
• Ultragenyx (RARE) markets four commercial products, including Crysvita (burosumab), for the treatment of X-linked hypophosphatemia and tumor-induced osteomalacia.
• Calling Crysvita “one of the most successful rare disease launches,” Cantor highlights that RARE’s clinical pipeline can collectively cater to ~265K patients.
• The analyst notes a valuation disconnect between Ultragenyx (RARE) and its rare-disease-focused rivals such as PTC Therapeutics (PTCT), Sarepta Therapeutics (SRPT), and BioMarin Pharmaceutical (BMRN).

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