RARE Ultragenyx Pharmaceutical Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 5, 2026
$15.22
· of 52w range
· above low
· to high
$12.7352w low
$39.8952w high
Market Cap (MRQ)
$1.50B
P/E (TTM)
-2.6
EPS (TTM)
$-5.83
Revenue (TTM)
$717M
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52W Range
$13–$40
Analyst Rating
BUY
Price Target
$28
P/E
-2.6
ROE
838.8%
Net Profit Margin
-81.7%
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RARE Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$15.22
Market Cap (MRQ)
$1.50B
P/E (TTM)
-2.6
EPS (TTM)
$-5.83
Revenue (TTM)
$717M
ROE (TTM)
838.8%
52W Range
$13–$40
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$673M2016-12-31 → 2025-12-31
EPS$-5.832020-12-31 → 2025-12-31
Free Cash Flow$-472M2016-12-31 → 2025-12-31
Net margin-81.7%2016-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | RARE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -2.65Y avg ≈-6.7 | ≈-6.7 | · | · | |
| P/S (TTM) | 2.15Y avg ≈9.0 | ≈9.0 | 11.4 | Undervalued | |
| P/B (MRQ) | -5.25Y avg ≈3.5 | ≈3.5 | · | · | |
| Price / FCF (TTM) | -3.15Y avg ≈-8.4 | ≈-8.4 | · | · | |
| Price / Cash Flow (TTM) | -3.15Y avg ≈-9.6 | ≈-9.6 | · | · | |
| Price / Tangible Book (MRQ) | -3.25Y avg ≈52.2 | ≈52.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | RARE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -73.6%5Y avg ≈-118.7% | ≈-118.7% | -135.5% | Top tier | |
| EBITDA Margin (TTM) | -69.0%5Y avg ≈-113.4% | ≈-113.4% | -135.0% | Top tier | |
| Pretax Margin (TTM) | -81.2%5Y avg ≈-129.7% | ≈-129.7% | -206.8% | Top tier | |
| Net Profit Margin (TTM) | -81.7%5Y avg ≈-130.1% | ≈-130.1% | -206.9% | Top tier | |
| ROA (TTM) | -45.6%5Y avg ≈-37.9% | ≈-37.9% | -37.9% | In line | |
| ROE (TTM) | 838.8%5Y avg ≈-483.7% | ≈-483.7% | -44.0% | Weak | |
| ROIC | 673.4%5Y avg ≈6.0% | ≈6.0% | -25.6% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | RARE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 1.75Y avg ≈3.1 | ≈3.1 | 7.2 | Low liquidity | |
| Quick Ratio | 1.55Y avg ≈1.2 | ≈1.2 | 5.1 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | RARE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 20.2%5Y avg ≈20.3% | ≈20.3% | · | · | |
| Revenue CAGR 3Y | 22.8%5Y avg ≈18.9% | ≈18.9% | · | · | |
| Revenue CAGR 5Y | 20.0% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | RARE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.45Y avg ≈0.3 | ≈0.3 | 0.3 | Top tier | |
| Receivables Turnover | 4.85Y avg ≈8.5 | ≈8.5 | 4.8 | In line | |
| Revenue / Employee | ≈$490.9K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-5.9%
Next Report
Nov 02, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 3, 2026 | $-0.90 | $-1.24 | 27.4% |
| March 31, 2026 | $-1.84 | $-1.54 | -19.5% | |
| Dec. 31, 2025 | $-1.29 | $-1.11 | -15.8% | |
| Sept. 30, 2025 | $-1.81 | $-1.26 | -43.7% | |
| June 30, 2025 | $-1.17 | $-1.32 | 11.7% | |
| March 31, 2025 | $-1.57 | $-1.65 | 4.6% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $673M | $560M | $434M | $363M | $351M | $271M | $104M | $51M | $3M | $133.0K | |
| Cost of Revenue | · | · | · | · | · | · | · | $1M | $1.0K | · | |
| R&D Expense | $750M | $698M | $648M | $706M | $497M | $412M | $357M | $294M | $232M | $183M | |
| SG&A Expense | $349M | $321M | $310M | $278M | $220M | $183M | $162M | $128M | $100M | $65M | |
| Operating Expenses | · | · | · | · | · | $601M | $528M | $423M | $332M | $248M | |
| Operating Income | $-535M | $-536M | $-569M | $-649M | $-382M | $-330M | $-424M | $-371M | $-329M | $-248M | |
| Interest Income | $25M | $37M | $27M | $11M | $2M | $7M | $13M | $10M | $4M | $4M | |
| Other Non-op | $1M | $-5M | $-1M | $-2M | $-2M | $607.0K | $-787.0K | $-6M | $7M | $-2M | |
| Pretax Income | $-571M | $-567M | $-609M | $-702M | $-453M | $-185M | $-399M | $-197M | $-318M | $-246M | |
| Income Tax | $4M | $2M | $-2M | $6M | $1M | $1M | $3M | $514.0K | $-16M | $35.0K | |
| Net Income | $-575M | $-569M | $-607M | $-707M | $-454M | $-187M | $-403M | $-198M | $-302M | $-246M | |
| EPS (Basic) | $-5.83 | $-6.29 | $-8.25 | $-10.12 | $-6.70 | $-3.07 | · | · | · | · | |
| EPS (Diluted) | $-5.83 | $-6.29 | $-8.25 | $-10.12 | $-6.70 | $-3.07 | · | · | · | · | |
| Shares (Basic) | 98,600,000 | 90,500,000 | 73,500,000 | 69,914,225 | 67,795,540 | 60,845,550 | · | · | · | · | |
| Shares (Diluted) | 98,600,000 | 90,500,000 | 73,500,000 | 69,914,225 | 67,795,540 | 60,845,550 | · | · | · | · | |
| EBITDA | $-500M | $-500M | $-543M | $-631M | $-368M | $-318M | $-416M | $-352M | $-323M | $-245M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $421M | $174M | $214M | $133M | $308M | $714M | $434M | $113M | $100M | $161M | |
| Short-term Investments | · | · | · | · | · | · | $322M | $346M | $134M | $219M | |
| Receivables | $158M | $122M | $73M | $40M | $28M | $23M | $33M | $13M | $5M | · | |
| Inventory | $52M | $45M | $34M | $27M | $16M | $13M | $12M | $7M | $757.0K | · | |
| Prepaid Expense | $61M | $40M | $48M | $69M | $72M | $58M | $51M | $43M | $29M | $20M | |
| Other Current Assets | · | · | $48M | $69M | · | · | · | · | · | · | |
| Current Assets | $951M | $817M | $732M | $884M | $857M | $1.30B | $851M | $522M | $270M | $402M | |
| PP&E (Net) | $244M | $266M | $291M | $260M | $141M | $74M | $44M | $20M | $22M | $17M | |
| PP&E (Gross) | $380M | $378M | $374M | $323M | $191M | $111M | $70M | $38M | $33M | $23M | |
| Accum. Depreciation | $136M | $112M | $83M | $63M | $50M | $37M | $26M | $18M | $11M | $6M | |
| Goodwill | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $44M | · | |
| Intangibles | $176M | $178M | $166M | $160M | $131M | $131M | $129M | $129M | $142M | · | |
| Other Non-current Assets | $60M | $63M | $58M | $48M | $21M | $9M | $3M | $4M | $3M | $2M | |
| Total Assets | $1.53B | $1.50B | $1.49B | $1.55B | $1.52B | $1.76B | $1.14B | $720M | $491M | $541M | |
| Accounts Payable | $31M | $39M | $42M | $43M | $17M | $13M | $13M | $12M | $9M | $5M | |
| Accrued Liabilities | $265M | $241M | $196M | $205M | $146M | $108M | $83M | $62M | $62M | $55M | |
| Current Liabilities | $384M | $344M | $280M | $261M | $181M | $190M | $103M | $75M | $71M | $60M | |
| Capital Leases | $24M | $30M | $31M | $20M | $30M | $39M | $30M | · | · | · | |
| Deferred Tax | $30M | $30M | $30M | $32M | $33M | $33M | $33M | $31M | $31M | · | |
| Other Non-current Liabilities | $44M | $17M | $12M | $5M | $1M | $7M | · | $5M | $5M | $6M | |
| Total Liabilities | $1.60B | $1.24B | $1.22B | $1.19B | $600M | $605M | $482M | $111M | $107M | $67M | |
| Common Stock | $0 | $0 | $82.0K | $70.0K | $69.0K | $67.0K | $58.0K | $51.0K | $44.0K | $41.0K | |
| Paid-in Capital | $4.45B | $4.21B | $3.66B | $3.14B | $3.00B | $2.77B | $2.09B | $1.64B | $1.22B | $1.00B | |
| Retained Earnings | $-4.53B | $-3.96B | $-3.39B | $-2.78B | $-2.07B | $-1.62B | $-1.43B | $-1.03B | $-833M | $-531M | |
| Treasury Stock | $8M | $4M | $432.0K | $0 | · | · | · | · | · | · | |
| AOCI | $1M | $-1M | $647.0K | $-7M | $-1M | $689.0K | $-147.0K | $-633.0K | $-6M | $905.0K | |
| Stockholders' Equity | $-80M | $255M | $275M | $352M | $923M | $1.15B | $654M | $609M | $383M | $474M | |
| Liabilities + Equity | $1.53B | $1.50B | $1.49B | $1.55B | $1.52B | $1.76B | $1.14B | $720M | $491M | $541M | |
| Shares Outstanding | 96,600,000 | 92,500,000 | 82,300,000 | 70,200,000 | 69,344,998 | 66,818,520 | 57,838,220 | 50,860,588 | 44,167,071 | 41,240,230 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $35M | $36M | $26M | $18M | $13M | $12M | $9M | $20M | $6M | $3M | |
| Stock-based Comp | · | · | · | · | · | · | · | · | $68M | $48M | |
| Deferred Tax | · | $-1M | $-2M | $2M | · | · | $2M | · | $-16M | · | |
| Other Non-cash | $74M | $118M | $104M | $310M | $102M | $42M | $47M | $-112M | $-9M | $33M | |
| Operating Cash Flow | $-466M | $-414M | $-475M | $-380M | $-339M | $-132M | $-345M | $-291M | $-254M | $-161M | |
| CapEx | $6M | $7M | $44M | $116M | $73M | $44M | $25M | $4M | $3M | $10M | |
| Investing Cash Flow | $236M | $-18M | $168M | $-292M | $-195M | $-179M | $-13M | $-33M | $55M | $91M | |
| Stock Issued | · | · | · | $0 | $0 | $436M | $330M | $271M | · | · | |
| Net Stock Activity | · | · | · | $0 | · | $436M | $330M | $271M | · | · | |
| Financing Cash Flow | $478M | $399M | $388M | $501M | $119M | $600M | $679M | $337M | $136M | $139M | |
| Net Change in Cash | $252M | $-35M | $81M | $-172M | $-417M | $290M | $321M | $12M | $-62M | $69M | |
| Taxes Paid | $4M | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-472M | $-422M | $-519M | $-497M | $-412M | $-176M | $-370M | $-295M | $-257M | $-171M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -79.5% | -95.7% | -131.1% | -178.6% | -108.6% | -121.8% | -409.0% | -721.2% | -12593.5% | -186471.4% | |
| Net Margin | -85.4% | -101.6% | -139.7% | -194.7% | -129.2% | -68.8% | -388.3% | -383.8% | -11567.3% | -184867.7% | |
| Pretax Margin | -84.8% | -101.3% | -140.1% | -193.1% | -128.9% | -68.4% | -385.1% | -382.8% | -12187.5% | -184841.4% | |
| EBITDA Margin | -74.3% | -89.3% | -125.1% | -173.6% | -104.9% | -117.3% | -400.8% | -683.2% | -12370.5% | -183897.0% | |
| ROA | -37.9% | -38.0% | -40.0% | -46.1% | -27.7% | -12.9% | -43.4% | -32.6% | -58.6% | -44.7% | |
| ROE | -1613.2% | -189.1% | -395.0% | -172.3% | -48.9% | -20.5% | -58.3% | -31.1% | -70.5% | -48.9% | |
| ROIC | 673.4% | -210.5% | -206.1% | -185.6% | -41.5% | -28.8% | -65.4% | -61.2% | -81.4% | -52.3% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.5 | 2.4 | 2.6 | 3.4 | 4.7 | 6.8 | 8.2 | 7.0 | 3.8 | 6.7 | |
| Quick Ratio | 1.5 | 0.9 | 1.0 | 0.7 | 1.9 | 3.9 | 7.6 | 6.3 | 3.4 | 6.3 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.0 | 0.0 | |
| Inventory Turnover | · | · | · | · | · | · | · | 0.3 | 0.0 | · | |
| Receivables Turnover | 4.8 | 5.7 | 7.6 | 10.6 | 13.6 | 9.7 | 4.6 | 5.7 | 1.0 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-0.83 | $2.76 | $3.35 | $5.02 | $13.30 | $17.28 | $11.30 | $11.97 | $8.68 | $11.49 | |
| Revenue / Share | $6.83 | $6.19 | $5.90 | $5.20 | · | · | · | · | · | · | |
| Cash Flow / Share | $-4.73 | $-4.57 | $-6.46 | $-5.44 | · | · | · | · | · | · | |
| Cash / Share | $4.36 | $1.88 | $2.59 | $1.89 | $4.44 | $10.68 | $7.50 | $2.23 | $2.28 | $3.91 | |
| EPS (TTM) | $-5.83 | $-6.29 | $-8.25 | $-10.12 | $-6.70 | $-3.07 | $-7.01 | $-3.91 | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 20.2% | 29.0% | 19.4% | 3.4% | 29.7% | · | · | · | · | · | |
| Revenue CAGR 3Y | 22.8% | 16.8% | 17.0% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 20.0% | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $673M | $560M | $434M | $363M | $351M | $271M | $104M | $51M | $3M | $133.0K | |
| Net Income TTM | $-575M | $-569M | $-607M | $-707M | $-454M | $-187M | $-403M | $-198M | $-302M | $-246M | |
| Market Cap | $2.22B | $3.89B | $3.94B | $3.25B | $5.83B | $9.25B | $2.47B | $2.21B | $2.05B | $2.90B | |
| P/E | -3.9 | -6.7 | -5.8 | -4.6 | -12.6 | -45.1 | -6.1 | -11.1 | · | · | |
| P/S | 3.3 | 6.9 | 9.1 | 9.0 | 16.6 | 34.1 | 23.8 | 42.9 | 784.3 | 21801.5 | |
| P/B | -27.8 | 15.2 | 14.3 | 9.2 | 6.3 | 8.0 | 3.8 | 3.6 | 5.3 | 6.1 | |
| P / Tangible Book | · | 117.9 | 61.2 | 22.1 | 7.8 | 9.4 | · | · | · | · | |
| P / Cash Flow | -4.8 | -9.4 | -8.3 | -8.5 | -17.2 | -70.0 | -7.2 | -7.6 | -8.1 | -18.0 | |
| P / FCF | -4.7 | -9.2 | -7.6 | -6.5 | -14.2 | -52.5 | -6.7 | -7.5 | -8.0 | -16.9 | |
| Earnings Yield | -25.4% | -14.9% | -17.2% | -21.8% | -8.0% | -2.2% | -16.4% | -9.0% | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $214M | $136M | $207M | $160M | $167M | $139M | $165M | $139M | $147M | $109M | $127M | $98M | $108M | $100M | $103M | $91M | |
| R&D Expense | $167M | $187M | $203M | $216M | $165M | $166M | $188M | $170M | $162M | $178M | $160M | $157M | $165M | $166M | $171M | $237M | |
| SG&A Expense | $88M | $88M | $88M | $87M | $87M | $87M | $82M | $80M | $81M | $78M | $77M | $75M | $81M | $77M | $73M | $70M | |
| Operating Income | $-75M | $-169M | $-113M | $-171M | $-108M | $-143M | $-122M | $-132M | $-116M | $-165M | $-122M | $-145M | $-148M | $-154M | $-146M | $-225M | |
| Interest Income | $5M | $6M | $7M | $6M | $6M | $7M | $10M | $11M | $7M | $9M | $9M | $6M | $6M | $6M | $6M | $3M | |
| Other Non-op | $1M | · | $-934.0K | $-1M | $2M | $837.0K | $-5M | $3M | $-2M | $-2M | $1M | $-699.0K | $-2M | $308.0K | $180.0K | $-1M | |
| Pretax Income | $-91M | $-184M | $-128M | $-180M | $-114M | $-150M | $-133M | $-133M | $-131M | $-170M | $-127M | $-159M | $-159M | $-163M | $-153M | $-239M | |
| Income Tax | $1M | $1M | $870.0K | $873.0K | $1M | $1M | $384.0K | $303.0K | $858.0K | $455.0K | $-4M | $650.0K | $732.0K | $495.0K | $-1M | $6M | |
| Net Income | $-92M | $-185M | $-129M | $-180M | $-115M | $-151M | $-133M | $-134M | $-132M | $-171M | $-124M | $-160M | $-160M | $-164M | $-152M | $-245M | |
| EPS (Basic) | $-0.90 | $-1.84 | $-1.28 | $-1.81 | $-1.17 | $-1.57 | $-1.34 | $-1.40 | $-1.52 | $-2.03 | $-1.44 | $-2.23 | $-2.25 | $-2.33 | $-2.17 | $-3.50 | |
| EPS (Diluted) | $-0.90 | $-1.84 | $-1.28 | $-1.81 | $-1.17 | $-1.57 | $-1.34 | $-1.40 | $-1.52 | $-2.03 | $-1.44 | $-2.23 | $-2.25 | $-2.33 | $-2.17 | $-3.50 | |
| Shares (Basic) | 101,900,000 | 100,600,000 | · | 99,771,297 | 98,500,000 | 96,300,000 | · | 95,493,996 | 86,580,516 | 84,286,292 | · | 71,664,493 | 70,897,991 | 70,368,478 | · | 70,054,173 | |
| Shares (Diluted) | 101,900,000 | 100,600,000 | · | 99,771,297 | 98,500,000 | 96,300,000 | · | 95,493,996 | 86,580,516 | 84,286,292 | · | 71,664,493 | 70,897,991 | 70,368,478 | · | 70,054,173 | |
| EBITDA | $-75M | $-161M | · | $-171M | $-108M | $-134M | · | $-132M | $-116M | $-157M | · | $-145M | $-148M | $-149M | · | $-225M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $125M | $175M | $421M | $203M | $176M | $127M | $174M | $151M | $481M | $112M | $214M | $73M | $102M | $86M | $133M | $392M | |
| Receivables | $200M | $121M | $158M | $113M | $124M | $99M | $122M | $93M | $106M | $100M | · | $79M | $71M | $43M | · | $31M | |
| Inventory | $59M | $55M | $52M | $52M | $46M | $46M | $45M | $43M | $40M | $36M | · | $32M | $28M | $27M | · | $22M | |
| Prepaid Expense | $55M | $68M | $61M | $53M | $61M | $60M | $40M | · | · | · | · | $46M | $51M | $67M | · | $71M | |
| Other Current Assets | · | · | · | · | · | · | · | $41M | $55M | $48M | · | · | · | · | · | · | |
| Current Assets | $606M | $657M | $951M | $643M | $720M | $699M | $817M | $800M | $965M | $596M | · | $599M | $702M | $766M | · | $1.01B | |
| PP&E (Net) | $235M | $239M | $244M | $250M | $256M | $261M | $266M | $272M | $279M | $285M | · | $297M | $289M | $278M | · | $235M | |
| PP&E (Gross) | · | · | $380M | · | · | · | $378M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $136M | · | · | · | $112M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $44M | · | $44M | $44M | $44M | · | $44M | |
| Intangibles | $172M | $174M | $176M | $173M | $175M | $177M | $178M | $165M | $166M | $165M | · | $157M | $158M | $159M | · | $158M | |
| Other Non-current Assets | $63M | $61M | $60M | $58M | $60M | $62M | $63M | $54M | $54M | $60M | · | $28M | $26M | $22M | · | $18M | |
| Total Assets | $1.26B | $1.30B | $1.53B | $1.19B | $1.31B | $1.31B | $1.50B | $1.54B | $1.62B | $1.31B | · | $1.24B | $1.31B | $1.38B | · | $1.62B | |
| Accounts Payable | $39M | $42M | $31M | $41M | $34M | $47M | $39M | $36M | $60M | $41M | · | $33M | $42M | $59M | · | $24M | |
| Accrued Liabilities | $221M | $194M | $265M | $221M | $181M | $173M | $241M | $185M | $154M | $149M | · | $179M | $168M | $144M | · | $189M | |
| Current Liabilities | $351M | $325M | $384M | $340M | $293M | $292M | $344M | $285M | $273M | $246M | · | $254M | $244M | $218M | · | $227M | |
| Capital Leases | · | · | $24M | $22M | $25M | $28M | $30M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | $30M | $30M | $30M | $30M | $30M | $30M | $30M | $30M | $30M | $30M | · | $32M | $32M | $32M | · | $33M | |
| Other Non-current Liabilities | $41M | $42M | $20M | $19M | $17M | $17M | $17M | $16M | $15M | $14M | · | $10M | $10M | $9M | · | $4M | |
| Total Liabilities | $1.55B | $1.52B | $1.60B | $1.17B | $1.15B | $1.16B | $1.24B | $1.18B | $1.19B | $1.17B | · | $1.21B | $1.18B | $1.16B | · | $1.15B | |
| Common Stock | $0 | $0 | $0 | $96.0K | $96.0K | $94.0K | $0 | $92.0K | $92.0K | $83.0K | · | $72.0K | $71.0K | $71.0K | · | $70.0K | |
| Paid-in Capital | $4.52B | $4.48B | $4.45B | $4.41B | $4.37B | $4.25B | $4.21B | $4.17B | $4.12B | $3.70B | · | $3.30B | $3.24B | $3.17B | · | $3.11B | |
| Retained Earnings | $-4.81B | $-4.72B | $-4.53B | $-4.40B | $-4.22B | $-4.11B | $-3.96B | $-3.82B | $-3.69B | $-3.56B | · | $-3.26B | $-3.10B | $-2.94B | · | $-2.63B | |
| Treasury Stock | $10M | $10M | $8M | $8M | $8M | $8M | $4M | $4M | $3M | $3M | · | $381.0K | $381.0K | $356.0K | · | · | |
| AOCI | $0 | $0 | $1M | $820.0K | $-268.0K | $-341.0K | $-1M | $896.0K | $-1M | $-431.0K | · | $-2M | $-3M | $-4M | · | $-10M | |
| Stockholders' Equity | $-291M | $-236M | $-80M | $9M | $151M | $144M | $255M | $347M | $432M | $140M | $275M | $32M | $129M | $220M | $352M | $469M | |
| Liabilities + Equity | $1.26B | $1.30B | $1.53B | $1.19B | $1.31B | $1.31B | $1.50B | $1.54B | $1.62B | $1.31B | · | $1.24B | $1.31B | $1.38B | · | $1.62B | |
| Shares Outstanding | 98,600,000 | 98,300,000 | 96,600,000 | 96,442,027 | 96,353,634 | 93,903,785 | 92,500,000 | 92,304,317 | 92,135,384 | 83,094,037 | 82,300,000 | 72,174,307 | 71,465,424 | 70,660,249 | 70,197,297 | 70,079,777 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $8M | $8M | $9M | $9M | $9M | $9M | $10M | $9M | $9M | $9M | $8M | $7M | $5M | $5M | $5M | $5M | |
| Other Non-cash | · | $-20M | · | · | · | $-24M | · | · | · | $-29M | · | · | · | $2M | · | · | |
| Operating Cash Flow | $-97M | $-197M | $-100M | $-91M | $-108M | $-166M | $-79M | $-67M | $-77M | $-191M | $-84M | $-118M | $-116M | $-157M | $-90M | $-95M | |
| CapEx | $1M | $1M | $938.0K | $1M | $2M | $1M | $163.0K | $2M | $2M | $3M | $1M | $4M | $14M | $25M | $27M | $26M | |
| Investing Cash Flow | $44M | $-49M | $-72M | $117M | $71M | $120M | $103M | $-276M | $61M | $94M | $-107M | $64M | $99M | $111M | $-172M | $-162M | |
| Financing Cash Flow | · | · | $394M | $2.0K | $84M | $157.0K | $3M | $11M | $385M | $-58.0K | $330M | $25M | $33M | $-722.0K | $2M | $492M | |
| Net Change in Cash | $-49M | $-247M | $221M | $26M | $49M | $-45M | $24M | $-330M | $368M | $-97M | $140M | $-29M | $16M | $-46M | $-259M | $234M | |
| Free Cash Flow | · | $-198M | · | · | · | $-168M | · | · | · | $-194M | · | · | · | $-182M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -35.0% | -124.3% | · | -106.8% | -64.8% | -102.6% | · | -94.6% | -79.1% | -151.9% | · | -148.0% | -136.6% | -153.3% | · | -248.1% | |
| Net Margin | -43.0% | -136.0% | · | -112.8% | -69.0% | -108.5% | · | -95.7% | -89.5% | -156.8% | · | -162.8% | -147.6% | -163.2% | · | -270.2% | |
| Pretax Margin | -42.5% | -135.3% | · | -112.3% | -68.5% | -107.5% | · | -95.5% | -88.9% | -156.4% | · | -162.2% | -146.9% | -162.7% | · | -263.3% | |
| EBITDA Margin | -35.0% | -118.4% | · | -106.8% | -64.8% | -96.2% | · | -94.6% | -79.1% | -143.8% | · | -148.0% | -136.6% | -148.1% | · | -248.1% | |
| ROA | -7.2% | -14.2% | · | -13.2% | -7.9% | -11.5% | · | -9.6% | -9.0% | -12.7% | · | -11.2% | -12.2% | -11.8% | · | -15.8% | |
| ROE | 131.7% | 403.2% | · | -101.4% | -39.4% | -106.2% | · | -70.5% | -46.9% | -94.6% | · | -63.8% | -39.6% | -32.2% | · | -34.9% | |
| ROIC | 26.1% | 72.0% | · | -1874.9% | -71.9% | -100.0% | · | -38.1% | -27.1% | -118.2% | · | -459.4% | -115.2% | -70.1% | · | -49.3% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.7 | 2.0 | · | 1.9 | 2.5 | 2.4 | · | 2.8 | 3.5 | 2.4 | · | 2.4 | 2.9 | 3.5 | · | 4.5 | |
| Quick Ratio | 0.9 | 0.9 | · | 0.9 | 1.0 | 0.8 | · | 0.9 | 2.1 | 0.9 | · | 0.6 | 0.7 | 0.6 | · | 1.9 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 1.3 | 1.2 | · | 1.6 | 1.4 | 1.4 | · | 1.6 | 1.7 | 1.5 | · | 1.8 | 2.0 | 2.8 | · | 3.2 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-2.95 | $-2.40 | · | $0.10 | $1.57 | $1.54 | · | $3.76 | $4.69 | $1.69 | · | $0.44 | $1.81 | $3.12 | · | $6.69 | |
| Revenue / Share | $2.10 | $1.35 | · | $1.60 | $1.69 | $1.45 | · | $1.46 | $1.70 | $1.29 | · | $1.37 | $1.53 | $1.43 | · | $1.29 | |
| Cash Flow / Share | · | $-1.96 | · | · | · | $-1.73 | · | · | · | $-2.26 | · | · | · | $-2.23 | · | · | |
| Cash / Share | $1.27 | $1.78 | · | $2.10 | $1.83 | $1.35 | · | $1.63 | $5.22 | $1.35 | · | $1.01 | $1.43 | $1.21 | · | $5.59 | |
| EPS (TTM) | $-5.83 | $-6.10 | · | $-5.89 | $-5.48 | $-5.83 | · | $-6.39 | $-7.22 | $-7.95 | · | $-8.98 | $-10.25 | $-10.26 | · | $-9.74 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $717M | $670M | · | $631M | $610M | $590M | · | $522M | $481M | $442M | · | $410M | $403M | $384M | · | $343M | |
| Net Income TTM | $-586M | $-609M | · | $-580M | $-533M | $-549M | · | $-559M | $-585M | $-614M | · | $-635M | $-721M | $-719M | · | $-678M | |
| Market Cap | $3.29B | $2.06B | · | $2.90B | $3.50B | $3.40B | · | $5.13B | $3.79B | $3.88B | · | $2.57B | $3.30B | $2.83B | · | $2.90B | |
| P/E | -5.7 | -3.4 | · | -5.1 | -6.6 | -6.2 | · | -8.7 | -5.7 | -5.9 | · | -4.0 | -4.5 | -3.9 | · | -4.3 | |
| P/S | 4.6 | 3.1 | · | 4.6 | 5.7 | 5.8 | · | 9.8 | 7.9 | 8.8 | · | 6.3 | 8.2 | 7.4 | · | 8.5 | |
| P/B | -11.3 | -8.7 | · | 316.7 | 23.2 | 23.6 | · | 14.8 | 8.8 | 27.7 | · | 81.1 | 25.5 | 12.9 | · | 6.2 | |
| P / Tangible Book | · | · | · | · | · | · | · | 37.3 | 17.1 | · | · | · | · | 167.6 | · | 10.9 | |
| P / Cash Flow | · | -10.5 | · | · | · | -20.4 | · | · | · | -20.3 | · | · | · | -18.1 | · | · | |
| Earnings Yield | -17.5% | -29.1% | · | -19.6% | -15.1% | -16.1% | · | -11.5% | -17.6% | -17.0% | · | -25.2% | -22.2% | -25.6% | · | -23.5% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $673M | $560M | $434M | $363M | $351M |
| Operating Margin % | -79.5% | -95.7% | -131.1% | -178.6% | -108.6% |
| Net Income | $-575M | $-569M | $-607M | $-707M | $-454M |
| Diluted EPS | $-5.83 | $-6.29 | $-8.25 | $-10.12 | $-6.70 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 2.5 | 2.4 | 2.6 | 3.4 | 4.7 |
| Quick Ratio | 1.5 | 0.9 | 1.0 | 0.7 | 1.9 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-472M | $-422M | $-519M | $-497M | $-412M |
Institutional owners (13F) 346 filers · $3.8B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
346
Value held
$3.8B
New positions
63
Exited positions
37
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 63 (-2 vs prior Q) | 37 (-8 vs prior Q) | 120 (-9 vs prior Q) | 100 (+13 vs prior Q) | +10.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $355,746,262 | 10,654,276 | 9.26% | Shares |
| RTW INVESTMENTS, LP | $260,338,324 | 7,796,895 | 6.77% | Shares |
| VANGUARD GROUP INC | $236,067,745 | 10,263,815 | 6.14% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $226,722,608 | 6,790,135 | 5.90% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $214,144,806 | 6,560,809 | 5.57% | Shares |
| STATE STREET CORP | $205,641,197 | 6,158,766 | 5.35% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $143,459,834 | 4,296,491 | 3.73% | Shares |
| TWO SIGMA INVESTMENTS, LP | $120,911,868 | 3,621,200 | 3.15% | Shares |
| SANDS CAPITAL MANAGEMENT, LLC | $105,457,908 | 3,158,368 | 2.74% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $98,157,217 | 2,939,719 | 2.55% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $95,092,590 | 2,847,936 | 2.47% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $86,123,888 | 2,578,828 | 2.24% | Shares |
| Bellevue Group AG | $66,204,857 | 1,982,775 | 1.72% | Shares |
| D. E. Shaw & Co., Inc. | $57,771,145 | 1,730,193 | 1.50% | Shares |
| Sofinnova Investments, Inc. | $57,347,492 | 1,717,505 | 1.49% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $52,756,200 | 1,580,000 | 1.37% | Shares |
| MPM BIOIMPACT LLC | $47,354,199 | 1,418,215 | 1.23% | Shares |
| MORGAN STANLEY | $44,235,265 | 1,324,805 | 1.15% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $41,752,993 | 1,250,464 | 1.09% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $41,455,555 | 1,241,556 | 1.08% | Shares |
| BANK OF AMERICA CORP /DE/ | $38,346,863 | 1,148,454 | 1.00% | Shares |
| Candriam S.C.A. | $33,419,286 | 1,001,841 | 0.87% | Shares |
| Rock Springs Capital Management LP | $32,316,678 | 967,855 | 0.84% | Shares |
| Jefferies Financial Group Inc. | $31,040,212 | 929,626 | 0.81% | Shares |
| NORTHERN TRUST CORP | $30,729,285 | 920,314 | 0.80% | Shares |
| Eagle Health Investments LP | $29,520,800 | 884,121 | 0.77% | Shares |
| Qube Research & Technologies Ltd | $29,457,292 | 882,219 | 0.77% | Shares |
| Russell Investments Group, Ltd. | $26,181,069 | 784,099 | 0.68% | Shares |
| MILLENNIUM MANAGEMENT LLC | $25,403,947 | 760,825 | 0.66% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $25,377,702 | 760,039 | 0.66% | Shares |
| Caption Management, LLC | $24,000,732 | 718,800 | 0.62% | Put option |
| Nuveen, LLC | $23,171,291 | 693,959 | 0.60% | Shares |
| Pictet Asset Management Holding SA | $23,159,948 | 753,695 | 0.60% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $22,418,413 | 671,411 | 0.58% | Shares |
| UBS Group AG | $21,960,569 | 657,699 | 0.57% | Shares |
| GREAT POINT PARTNERS LLC | $20,034,000 | 600,000 | 0.52% | Put option |
| Palo Alto Investors LP | $19,916,968 | 596,495 | 0.52% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $19,649,815 | 588,494 | 0.51% | Shares |
| Legal & General Group Plc | $19,583,902 | 586,520 | 0.51% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $19,574,220 | 586,230 | 0.51% | Shares |
| FMR LLC | $19,260,990 | 576,849 | 0.50% | Shares |
| GOLDMAN SACHS GROUP INC | $19,210,535 | 575,338 | 0.50% | Shares |
| Trexquant Investment LP | $18,577,695 | 556,385 | 0.48% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $16,995,510 | 509,000 | 0.44% | Put option |
| Sofinnova Investments, Inc. | $16,695,000 | 500,000 | 0.43% | Call option |
| BNP PARIBAS FINANCIAL MARKETS | $16,633,796 | 498,167 | 0.43% | Shares |
| Bank of New York Mellon Corp | $15,716,566 | 470,697 | 0.41% | Shares |
| JPMORGAN CHASE & CO | $15,268,024 | 493,126 | 0.40% | Shares |
| TORONTO DOMINION BANK | $13,856,850 | 415,000 | 0.36% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $13,813,443 | 413,700 | 0.36% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Ultragenyx Pharmaceutical Inc. | Nov. 6, 2020 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 28 insiders · 15 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Emil D Kakkis | President & CEO | April 16, 2026 A | 735,739 | 0 | 1 | $-1,240,411 |
| Howard Horn | Chief Financial Officer | Aug. 3, 2026 S | 96,295 | 0 | 12 | $-1,332,021 |
| Mardi Dier | CFO & Executive Vice President | Oct. 14, 2022 S | 66,695 | 0 | 0 | $0 |
| Wladimir Hogenhuis | Chief Operating Officer | Oct. 4, 2019 F | 18,703 | 0 | 0 | $0 |
| Theodore Alan Huizenga | SVP, Chief Accounting Officer | Sept. 15, 2026 S | 67,863 | 0 | 4 | $-59,794 |
| Karah Herdman Parschauer | EVP and Chief Legal Officer | Aug. 3, 2026 S | 92,562 | 0 | 5 | $-487,890 |
| Eric Crombez | EVP and Chief Medical Officer | May 5, 2026 S | 111,189 | 0 | 2 | $-168,847 |
| Erik Harris | EVP & Chief Commercial Officer | April 16, 2026 A | 118,410 | 0 | 1 | $-240,289 |
| John Richard Pinion | EVP, Chief Quality Operations Officer | April 16, 2026 A | 133,142 | 0 | 1 | $-228,661 |
| Dennis Karl Huang | EVP, Chief Technical Operations Officer | April 16, 2026 A | 147,845 | 0 | 0 | $0 |
| Thomas Richard Kassberg | CBO & EVP | March 3, 2025 F | 264,730 | 0 | 0 | $0 |
| Camille L Bedrosian | EVP and Chief Medical Officer | March 1, 2023 S | 46,720 | 0 | 0 | $0 |
| Shalini Sharp | EVP, Finance | Oct. 14, 2020 S | 97,812 | 0 | 0 | $0 |
| Jayson Donald Alexander Dallas | EVP & Chief Commercial Officer | June 1, 2018 F | 23,830 | 0 | 0 | $0 |
| Sunil Agarwal | Chief Medical Officer | Aug. 19, 2016 F | 9,136 | 0 | 0 | $0 |
| Corazon (Corsee) D. Sanders | Director | June 15, 2026 S | 21,095 | 0 | 1 | $-50,100 |
| Amrit Ray | Director | May 14, 2026 A | 31,116 | 0 | 0 | $0 |
| Shehnaaz Suliman | Director | May 14, 2026 A | 27,951 | 0 | 1 | $-144,189 |
| Deborah Dunsire | Director | May 14, 2026 A | 38,566 | 0 | 0 | $0 |
| Daniel G Welch | Director | May 14, 2026 A | 40,441 | 0 | 0 | $0 |
| Lars Ekman | Director | June 24, 2022 A | 17,745 | 0 | 0 | $0 |
| William Aliski | Director | June 24, 2021 A | 66,849 | 0 | 0 | $0 |
| Clay B Siegall | Director | Aug. 10, 2020 M | 2,550 | 0 | 0 | $0 |
| Eran Nadav | Director | July 10, 2014 A | · | 0 | 0 | $0 |
| Marten Steen | Director | Jan. 30, 2014 A | · | 0 | 0 | $0 |
| Matthew K Fust | · | May 14, 2026 A | 33,696 | 0 | 0 | $0 |
| Michael Narachi | · | May 14, 2026 A | 40,441 | 0 | 0 | $0 |
| FMR LLC | · | Aug. 1, 2014 J | 1,457,994 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 37 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| BBP · ETFis Series Trust I | 1.41% | 55,734 NS | July 31, 2026 | N-PORT |
| HAPS · Harbor ETF Trust | 1.06% | 72,355 NS | July 31, 2026 | N-PORT |
| LABU · Direxion Shares ETF Trust | 0.63% | 124,269 NS | July 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.30% | 154,710 NS | July 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.27% | 3,948 NS | July 31, 2026 | N-PORT |
| PWS · Pacer Funds Trust | 0.18% | 1,698 NS | July 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.12% | 207,179 SH | Oct. 1, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.11% | 46,526 SH | Aug. 19, 2026 | Daily |
| BKSE · BNY Mellon ETF Trust | 0.10% | 3,532 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.10% | 556,246 SH | Aug. 19, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.10% | 6,956 SH | Oct. 1, 2026 | Daily |
| IBB · iShares Trust | 0.10% | 687,817 SH | Sept. 11, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.10% | 52,252 NS | July 31, 2026 | N-PORT |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.09% | 26,477 NS | July 31, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.09% | 1,238,640 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.09% | 46,723 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.08% | 46,288 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.06% | 14,014 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.05% | 2,465,688 SH | Sept. 11, 2026 | Daily |
| IWO · iShares Trust | 0.04% | 405,050 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.04% | 1,127,405 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.04% | 2,146,622 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.04% | 251,571 SH | Aug. 19, 2026 | Daily |
| ESML · iShares Trust | 0.03% | 61,868 SH | Sept. 11, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.03% | 39,676 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.02% | 10,407 SH | Sept. 11, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 5,013 SH | Sept. 11, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.01% | 21,519 SH | Aug. 19, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 140,625 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 25,782 SH | Sept. 10, 2026 | Daily |
| TILT · FlexShares Trust | 0.00% | 158 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 2,987,783 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 76,072 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 8,035 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 493,596 SH | Sept. 11, 2026 | Daily |
| ISCB · iShares Trust | · | 4,391 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 14,131 SH | Sept. 11, 2026 | Daily |
RARE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 26 analysts
BUY
Median target
$28.00
+84.0%
9 34.6%
Strong Buy
14 53.8%
Buy
3 11.5%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
19 analysts · 2026-10-03Mean target $28.05 +84.3%
← Below all targets
Current price $15.22
Low$18.00
Mean$28.05
High$40.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RARE | $2.22B | -3.9 | 20.2% | -85.4% | -1613.2% | · |
| ZYME | $1.97B | -24.4 | 38.9% | -76.6% | -26.9% | · |
| XNCR | $1.10B | -12.3 | 13.7% | -73.2% | -14.0% | · |
| SNDX | $1.84B | -6.4 | 627.8% | -165.6% | -257.1% | · |
| TSHA | $1.57B | -16.2 | 17.3% | -1115.3% | -44.0% | · |
| ANAB | · | -105.4 | 157.0% | · | · | · |
| COAG | · | · | · | · | · | · |
| INBX | $1.15B | -8.7 | 550.0% | -10773.5% | -365.9% | · |
| TYRA | $1.41B | -13.1 | · | · | -42.7% | · |
| AVBP | $854M | -4.7 | · | · | -59.7% | · |
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Source: SEC 10-Q filed Aug 5, 2026