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In a recent transaction, Emil D. Kakkis, the President and CEO of Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE), sold 20,000 shares of the company's common stock. The shares were sold at a weighted average price of $50.17, totaling over $1 million in value. The transactions occurred in multiple parts, with prices ranging from $50.00 to $50.87.
The sale, which took place on August 6, 2024, reduced Kakkis's direct holdings to 2,243,985 shares following the transaction. Additionally, Kakkis has indirect ownership through the Emil Kakkis and Jenny Soriano Living Trust, which was established in June 2009.
Investors often monitor insider transactions such as these for insights into executive sentiment on the company's future prospects. The sale represents a small portion of Kakkis's total holdings in Ultragenyx, which includes shares underlying restricted stock units subject to vesting conditions and shares acquired under the company's employee stock purchase plan.
Ultragenyx Pharmaceutical Inc., headquartered in Novato, California, specializes in the development of novel products for the treatment of rare and ultra-rare diseases. The company's stock is traded on the NASDAQ under the ticker symbol RARE.
In other recent news, Ultragenyx Pharmaceutical Inc. reported a strong second quarter in 2024 with total revenue reaching $147 million, prompting an increase in its revenue guidance for the year. The company's earnings call also highlighted advancements in its clinical pipeline, including positive results from Phase III and Phase II trials for key drugs, and an agreement with the FDA on a Phase III study for GTX-102, a treatment for Angelman syndrome. Ultragenyx anticipates a series of regulatory submissions and key clinical data readouts within the next 6 to 18 months. However, the company has experienced a delay in the interim Stage 1 readout for the Wilson's disease program due to additional time needed to observe the drug's effects. Despite this, Ultragenyx remains confident in its data for setrusumab compared to Amgen (NASDAQ:AMGN)'s romosozumab in treating osteogenesis imperfecta, and expects bipartisan support for the reauthorization of the Priority Review Voucher program, crucial for rare disease drug development. These are the recent developments for Ultragenyx Pharmaceutical Inc.
InvestingPro Insights
Following the recent insider transaction by Ultragenyx Pharmaceutical Inc.'s (NASDAQ:RARE) CEO, Emil D. Kakkis, the company's financial and stock performance metrics provide additional context for investors. According to real-time data from InvestingPro:
- The market capitalization of Ultragenyx stands at approximately $4.49 billion.
- Ultragenyx's Price to Earnings (P/E) ratio is currently negative at -6.75, indicating that the company is not profitable as of the last twelve months ending Q2 2024.
- The company has experienced a significant 1-week price total return of 10.55%, alongside strong returns over the last month and three months at 21.75% and 18.61%, respectively.
InvestingPro Tips highlight that two analysts have recently revised their earnings estimates upwards for the upcoming period, suggesting a potential improvement in the company's financial outlook. Additionally, the Relative Strength Index (RSI) indicates that the stock is in overbought territory, which could imply a heightened level of investor interest or potential for a price correction in the near term. It is important to note that Ultragenyx operates with a moderate level of debt and has liquid assets that exceed its short-term obligations, providing some financial stability.
For investors seeking a deeper dive into Ultragenyx's performance and prospects, InvestingPro offers additional insights. Currently, there are 11 more InvestingPro Tips available for RARE at https://www.investing.com/pro/RARE, which can further inform investment decisions.
While the insider sale by CEO Kakkis represents a fraction of his total holdings, these InvestingPro metrics and tips could be valuable for investors looking to understand the broader financial health and market sentiment surrounding Ultragenyx Pharmaceutical Inc.
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