Morgan Stanley Trims Ultragenyx (RARE) PT to $50 While Betting on 2026 Biotech Recovery

Group 1 - Ultragenyx Pharmaceutical Inc. is considered a promising stock under $50, with Morgan Stanley lowering its price target to $50 from $55 while maintaining an Overweight rating [1][3] - The firm anticipates continued outperformance for US SMID-cap biotech in 2026, driven by commercial-stage companies transitioning from capital consumers to producers, alongside a patent cliff affecting large-cap biopharma revenues [1][3] - Ultragenyx completed its rolling BLA submission to the FDA for DTX401, a potential first-in-class gene therapy for Glycogen Storage Disease Type Ia, which could significantly improve treatment for approximately 6,000 patients worldwide [2][3] Group 2 - The BLA submission is supported by the Phase 3 GlucoGene study, which monitored 52 patients for up to six years, confirming that DTX401 is well-tolerated through 96 weeks [3] - DTX401 has received several high-priority designations, including RMAT and Fast Track, as it approaches a potential commercial launch [3] - Ultragenyx focuses on developing and commercializing novel products for rare and ultra-rare genetic diseases across multiple regions, including North America, Europe, and Asia-Pacific [4]