UPDATE: MLV & Co Initiates Coverage On Ultragenyx Pharmaceutical On Positive Outlook

In a report published Tuesday, MLV & Co analyst Arlinda Lee initiated coverage on Ultragenyx Pharmaceutical, Inc. (NASDAQ: RARE) with a Buy rating and $79.00 price target.

In the report, MLV & Co noted, "With four product candidates in the clinic for six debilitating and life-threatening diseases, RARE has acquired and is rapidly developing a diversified portfolio of therapeutic drug candidates to treat orphan and ultra-orphan diseases. The rationale for developing each of its product candidates is grounded by existing data.

"Additionally, Management's strong leadership and experience in developing successful therapeutics for genetic orphan diseases bode well for the prospects of RARE's portfolio. We are optimistic that RARE's drug candidates can garner regulatory approval as early as next year and attain commercial success. We initiate coverage with a Buy rating and $79 PT."

Ultragenyx Pharmaceutical closed on Monday at $60.95.