Ultragenyx capital raise timing in-line with expectations, says Piper Jaffray

Piper Jaffray analyst Christopher Raymond views the timing of Ultragenyx’s $250M follow-on offering as generally in-line with expectations. Combined with a $37.5M overallotment, the analyst estimates the deal could net the company $277M in proceeds. With the offering out of the way, an overhang on shares is removed, Raymond tells investors in a research note. He believes this “clears the way for a busy catalyst schedule,” including data updates from gene therapy assets DTX301 and DTX401 by mid-year. The analyst continues to like the setup and remains a buyer of Ultragenyx with an Overweight rating and $75 price target.

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