First Light Asset Management Trims Stake in Ultragenyx Pharmaceutical

Institutional investor reduces position in biotech company by nearly 50%

Mar. 16, 2026 at 10:05am

Got story updates? Submit your updates here. ›

First Light Asset Management LLC has reduced its stake in Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) by 47.9% during the third quarter, according to a recent SEC filing. The firm previously owned 285,699 shares of the biopharmaceutical company's stock, valued at $8.6 million, but has now sold 262,206 shares.

Why it matters

Ultragenyx Pharmaceutical is a key player in the rare disease drug development space, with several gene therapy and protein replacement therapies in its pipeline. Changes in institutional ownership can signal shifts in market sentiment around the company's prospects.

The details

According to the filing, First Light Asset Management now owns 285,699 shares of Ultragenyx, down from 547,905 shares held previously. The firm cited portfolio rebalancing and risk management as reasons for the reduced position. Ultragenyx's stock has faced volatility in recent months, with the share price declining from over $40 to around $21 currently.

  • First Light Asset Management filed the 13F report disclosing the stake reduction on March 16, 2026.
  • The portfolio changes occurred during the third quarter of the previous year.

The players

First Light Asset Management LLC

An investment management firm that focuses on public equities, including in the healthcare and biotechnology sectors.

Ultragenyx Pharmaceutical Inc.

A biopharmaceutical company developing therapies for rare and ultra-rare genetic disorders, including X-linked hypophosphatemia, mucopolysaccharidosis VII, and long-chain fatty acid oxidation disorders.

Got photos? Submit your photos here. ›

What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

The reduction in First Light Asset Management's stake in Ultragenyx Pharmaceutical reflects the broader volatility and uncertainty surrounding the biotech sector. However, Ultragenyx remains a key player in the rare disease drug development space, and changes in institutional ownership can provide insights into market sentiment around the company's prospects.