Baird analyst Joel Beatty upgraded Ultragenyx Pharmaceutical to Outperform from Neutral with a price target of $50, down from $63. The analyst believes the stock price is now attributing a value to the company’s non-commercial pipeline of less than $800M. This provides an attractive entry point, even though the clinical data catalysts don’t appear to pick up until mid-2023 and beyond, Beatty tells investors in a research note.