Martin Shkreli said Ultragenyx Pharmaceutical is undervalued and a potential takeover candidate for rare-disease peers such as BioMarin Pharmaceutical after apazunersen failed its Phase 3 Aspire study in Angelman syndrome. Calling the stock very cheap, he urged BioMarin and other rare-disease companies to explore buying Ultragenyx and said the trial’s failure was widely anticipated. Ultragenyx shares fell sharply on the results, trading down 43.95% at $14.87 on Thursday after an earlier premarket slide of 47.57% to $13.91, and technical gauges pointed to oversold conditions. The company said it would review the apazunersen program and implement significant expense reductions while leaning more on its commercial portfolio. Analysts including Baird’s Joel Beatty and Evercore ISI’s Liisa Bayko cut price targets to $16.53, part of a broader round of downgrades after the setback, Ultragenyx’s second consecutive late-stage failure. Apazunersen is an investigational intrathecal antisense oligonucleotide intended to inhibit UBE3A-AS; Angelman syndrome is a rare neurogenetic disorder affecting about 1 in 15,000 newborns.