5 Most Promising Biotech Stocks According to Analysts

4. Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE)

Number of Hedge Fund Holders: 26

Average Upside Potential as of February 24: 108.11% 

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) is a California-based biopharmaceutical company, focused on the identification, development, and commercialization of treatments for rare and ultra-rare genetic diseases in North America, Latin America, Japan, Europe, and internationally. The company expects total revenue guidance for 2023 to be between $425 million to $450 million, versus a $426.25 million consensus. It is one of the most promising biotech stocks to invest in according to analysts. 

On February 17, Baird increased Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE)’s price target from $50 to $57 and maintained an Outperform rating on the stock. The firm’s rating is mainly influenced by the company’s valuation. However, Baird also observed that Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) could experience more catalysts in mid-to-late 2023, which may further benefit the stock compared to previous years.

According to Insider Monkey’s fourth quarter database, 26 hedge funds were bullish on Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE), compared to 31 funds in the prior quarter. Avidity Partners Management is the biggest stakeholder of the company, with nearly 3 million shares worth $138.5 million.