Shares of Ultragenyx Pharmaceutical (RARE) plummeted 5.08% during Wednesday's trading session, marking a significant downturn for the biopharmaceutical company. The stock's sharp decline comes amid a notable adjustment in analyst expectations.

The primary catalyst for the sell-off appears to be a revised outlook from Truist Securities. The financial services firm substantially lowered its price target for Ultragenyx, cutting it from $140 to $100. This 28.6% reduction in the target price has seemingly shaken investor confidence, prompting a wave of selling pressure on the stock.

While the specific reasons behind Truist Securities' decision to lower the price target were not immediately clear, such moves often reflect changes in a company's growth prospects, market conditions, or sector-wide challenges. Investors and analysts will likely be closely monitoring Ultragenyx's upcoming announcements and financial results to gauge the company's future trajectory in light of this adjusted valuation.