Shares of Ultragenyx Pharmaceutical (RARE) are surging 5.53% in pre-market trading on Wednesday, as investors react positively to recent analyst recommendations. The biotechnology company, which focuses on developing novel products for rare and ultra-rare diseases, is seeing increased interest from Wall Street.

The stock's upward movement comes on the heels of two bullish analyst reports. Barclays analyst Gena Wang reiterated a Buy rating on Ultragenyx Pharmaceutical, signaling confidence in the company's prospects. Additionally, Wells Fargo analyst Tiago Fauth also maintained a Buy rating on RARE stock. These positive assessments from reputable financial institutions are likely fueling investor optimism and contributing to the pre-market rally. As the market opens, investors will be watching closely to see if Ultragenyx can maintain this momentum throughout the trading session.