Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) reported an insider sale by Chief Financial Officer Howard Horn, who sold 4,683 shares of the company's common stock on April 1, 2026. According to a Form 4 filing with the Securities and Exchange Commission, the shares were sold at $20.97 per share for a total transaction value of $98,202.
The filing states that, after the disposition, Horn directly holds 80,351 shares of Ultragenyx. The Form 4 notes that the sale was carried out pursuant to a pre-arranged trading plan that complies with Rule 10b5-1, the SEC rule that permits insiders to execute predetermined trades.
Since the April 1 sale, Ultragenyx's stock price has risen to $22.45. That price remains substantially below the company's 52-week high of $42.37.
Valuation and profitability context
Investment analysis referenced in the filing indicates that the stock appears undervalued based on a Fair Value assessment conducted by InvestingPro. At the same time, the company faces ongoing profitability challenges; analysts cited in the filing do not expect Ultragenyx to report profits this year.
A footnote in the disclosure clarifies that the reported share total includes common stock underlying Restricted Stock Units (RSUs) that are subject to vesting conditions.
Regulatory and clinical developments
Ultragenyx also disclosed progress on its clinical and regulatory programs. The U.S. Food and Drug Administration has accepted the company's resubmitted Biologics License Application for UX111, a gene therapy candidate for Sanfilippo syndrome Type A. The FDA set a Prescription Drug User Fee Act action date of September 19, 2026, for UX111.
Other clinical data cited in recent updates include phase 3 results for DTX301 in OTC deficiency, where the trial produced an 18% reduction in 24-hour plasma ammonia compared with placebo.
Analyst reactions
Analyst coverage of Ultragenyx reflects mixed sentiment. Morgan Stanley reiterated an Overweight rating with a $50.00 price target, while Leerink Partners maintained an Outperform rating with a $60.00 target. In contrast, Goldman Sachs downgraded Ultragenyx to Neutral from Buy and cut its price target to $25.00, citing the failure of Phase 3 studies of setrusumab in osteogenesis imperfecta. Bank of America Securities reiterated a Buy rating and a $51.00 target following the DTX301 phase 3 data.
Collectively, these analyst actions underscore divergent views on Ultragenyx's pipeline progress and near-term commercial prospects, even as the company advances regulatory review for UX111.
What the filing shows
The Form 4 filing documents a routine, pre-planned insider sale executed under a Rule 10b5-1 arrangement and confirms Horn's remaining direct ownership. The filing also reiterates ongoing clinical and regulatory milestones and highlights contrasting analyst positions on valuation and clinical outcomes.