Evercore ISI Downgrades Ultragenyx Pharmaceutical to In Line From Outperform, Adjusts Price Target to $16 From $34

SpaceX filed for its first orbital Starship flight, which could add Starlink capacity. Elon Musk highlighted AI's power crisis, with SpaceX's turbine casting seen as a long-term solution. SB Energy's S-1 filing shows AI companies' capital commitments. Nvidia agreed to acquire Hugging Face for up to $12.9 billion.

Evercore ISI reduced its price target for Ciena Corp. (NYSE:CIEN) to $375 from $550, citing margin concerns, while maintaining an In Line rating. Ciena reported July quarter revenue of $1.67 billion and EPS of $2.11, beating estimates. The company provided upbeat guidance for Q4 and fiscal 2027, with revenue growth expected to exceed 30%. Ciena's stock has fallen 11% over the past week but remains up 274% over the past year.

Ultragenyx Pharma (RARE) shares fell 45% to $14.57 after its Phase 3 trial for apazunersen in Angelman syndrome missed primary and key secondary endpoints. The stock opened at $13.99, down from a prior close of $26.53.

Tyson Foods fell 7% after cutting fiscal 2026 guidance. Meta rose 3% on AI model launch. Dell gained 5% post-earnings. Crypto-related stocks climbed with bitcoin. Robinhood jumped 15% on Deutsche Bank's report. Ciena dropped 9% despite beating estimates. Tesla advanced 6% ahead of Cybercab event. Snowflake surged 22% on strong earnings. HPE slipped 4% with lower-than-expected growth forecast. Broadcom lost 3% on weak revenue outlook. Campbell's fell 9% on lagging guidance. Ultragenyx plunged 44%

Ultragenyx Pharmaceuticals (RARE) shares fell 47% after its experimental Angelman syndrome treatment, apazunersen, failed in Phase 3 trials. The drug did not improve cognition or meet a composite response score, according to the company.

Ultragenyx's gene therapy GTX-102 for Angelman syndrome failed in Phase 3 trials, showing no benefit over placebo. The company plans significant expense reductions following the setback.