Morgan Stanley analyst Jeffrey Hung upgraded Ultragenyx to Overweight from Equal Weight as he believes the market still undervalues its clinical pipeline. While he thinks the market has largely priced in Crysvita in X-linked hypophosphatemia, Hung is bullish on DTX401 and thinks UX007 is likely to become the company’s third approved drug in 2020, he tells investors. Adding estimates for DTX401 to his model added $8 per share to his price target, noted Hung, who raised his target for Ultragenyx to $83 from $68 to account for that and other adjustments.
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