Bank of America Securities Reiterated a Buy Rating on Ultragenyx Pharmaceutical (RARE)

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) is one of the Best 52-Week Low Stocks to Buy According to Analysts. On July 14, Tazeen Ahmad from Bank of America Securities reiterated a Buy rating on Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE), while lowering the price target from $80 to $79.

The firm held its positive outlook even after the recent challenge from the FDA’s complete response letter for UX111 in Sanfilippo syndrome. The CRL was focused on specific chemistry, manufacturing, and controls issues. Importantly, the clinical data for UX111 was not questioned; however, the approval is still achievable once the CMC issues are resolved.

A research team in a laboratory peering through microscopes at a biologic product.

The analyst noted that the company is responding quickly and plans to address the CMC concerns and resubmit its Biologics License Application in the coming months. The analyst is also optimistic due to Ultragenyx Pharmaceutical Inc.’s (NASDAQ:RARE) robust pipeline. The company has promising programs for conditions like osteogenesis imperfecta and Angelman syndrome.

Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) develops treatments for rare and ultra-rare genetic diseases. They focus on biologics, small molecules, gene therapy, and nucleic acid products.

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Disclosure: None. This article is originally published at Insider Monkey.