Analyst Steven Breazzano initiated an Overweight rating for Ultragenyx Pharmaceutical Inc (NASDAQ:RARE) with a price target of $70, marking an increase of 35% from current levels.

The analyst views the company’s main asset, KRN23, a drug for X-linked hypophosphatemia, as a potential game changer for the company. Additionally, Breazzano feels confident about Ultragenyx’s various orphan and ultra-orphan programs. These programs will be going through important data and regulatory events over the next half year and the analyst feels “positive data will catalyze shares near term.”

According to TipRanks Breazzano has a success rate of 65% with an average return of 9% per recommendation.