What to Know About This Fund's $5.4 Million Ultragenyx Purchase as Shares Slip 30% in One Year
Key Points
Krensavage bought 241,245 Ultragenyx Pharmaceutical shares last quarter.
The quarter-end position value increased by $4.75 million, reflecting both trading and share price changes.
The trade represented a roughly 2% increase in reportable fund AUM.
The quarter-end stake stood at 390,879 shares worth $8.19 million.
On May 14, 2026, Krensavage Asset Management disclosed it bought 241,245 shares of Ultragenyx Pharmaceutical (NASDAQ:RARE), an estimated $5.43 million trade based on quarterly average pricing.
What happened
According to an SEC filing dated May 14, 2026, Krensavage Asset Management increased its stake in Ultragenyx Pharmaceutical by 241,245 shares during the first quarter. The estimated value of shares acquired was $5.43 million, calculated using the average closing price for the period. The fund finished the quarter with 390,879 shares valued at $8.19 million. The position’s quarter-end value rose by $4.75 million, a figure that includes both trading activity and price changes.
What else to know
- The buy brings Ultragenyx Pharmaceutical to 3.2% of Krensavage Asset Management’s 13F assets as of March 31, 2026.
- Top five holdings after the filing:
- NASDAQ:UTHR: $49.98 million (19.5% of AUM)
- NASDAQ:ENTA: $36.20 million (14.2% of AUM)
- NASDAQ:JAZZ: $31.73 million (12.4% of AUM)
- NASDAQ:BMRN: $29.64 million (11.6% of AUM)
- NASDAQ:EXEL: $17.83 million (7.0% of AUM)
- As of Friday, RARE shares were priced at $23.94, down 32% over the past year and well underperforming the S&P 500, which is instead up about 28%.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $670 million |
| Net Income (TTM) | ($609 million) |
| Market Capitalization | $2.4 billion |
| Price (as of Friday) | $23.94 |
Company snapshot
- Ultragenyx develops and commercializes biologic and small molecule therapies for rare and ultra-rare genetic diseases, with marketed products including Crysvita, Mepsevii, Dojolvi, and Evkeeza.
- The company generates revenue primarily through product sales and strategic collaborations, leveraging a pipeline of gene therapies and monoclonal antibodies targeting niche patient populations.
- Primary customers are healthcare providers, specialty pharmacies, and hospitals serving patients with rare metabolic and genetic disorders in North America, Europe, and select international markets.
Ultragenyx Pharmaceutical Inc. is a biopharmaceutical company focused on the development and commercialization of therapies for rare and ultra-rare genetic diseases. The company combines a portfolio of approved products with a robust pipeline of clinical candidates, aiming to address significant unmet medical needs. Its strategy centers on leveraging scientific expertise and strategic partnerships to bring innovative treatments to underserved patient populations globally.
What this transaction means for investors
Ultragenyx shares have struggled over the past year, but Krensavage appears to be focusing on the long-term. The company's commercial business is already producing meaningful scale. Total revenue climbed 20% in 2025 to $673 million, led by Crysvita revenue of $481 million and continued growth from Dojolvi and Evkeeza. Management expects current-product revenue to increase again in 2026, guiding for $730 million to $760 million even before factoring in any contributions from potential new product launches.
The bigger story, however, may be what's coming next. CEO Emil Kakkis called 2026 an "important turning point" as Ultragenyx approaches two potential approvals and a pivotal Phase 3 data readout for GTX-102 in Angelman syndrome. Those catalysts could materially expand the company's commercial footprint.
Management is also trying to improve the financial profile. The company announced a restructuring plan that includes a 10% workforce reduction and expects research and development spending to fall significantly by 2027. Combined with growing product revenue, Ultragenyx reiterated its goal of reaching profitability in 2027. And with that in mind, this purchase looks like a potential bet that Ultragenyx is approaching an inflection point.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Exelixis and United Therapeutics. The Motley Fool recommends BioMarin Pharmaceutical. The Motley Fool has a disclosure policy.