JPMorgan sees its top stock pick for the new year more than tripling in price. CNBC Pro obtained the lists of top stock picks that the major sell-side firms on Wall Street, such as JPMorgan, are giving clients, and found the individual stocks where analysts see the most upside. For JPMorgan, the stock with the highest potential upside, as of Nov. 28, is Ultragenyx Pharmaceutical . Ultragenyx is a $3.5-billion biopharmaceutical company based outside San Francisco that focuses on developing treatments for rare and ultrarare diseases. The company went public on Nasdaq in 2014. Shares of Ultragenyx are down 23% over the past 12 months, but JPMorgan’s price target of $120 implies potential upside of more than 225% from Thursday’s close of $36.54. The investment bank currently rates Ultragenyx overweight and raised its price target on the stock four times in 2025. RARE YTD mountain Ultragenyx shares in 2025 In August, JPMorgan analysts led by Anupam Rama named Ultragenyx one of the bank’s top investment ideas. The analyst attributed the bullish outlook to an update in the company’s Cosmic and Orbit studies, which evaluate the effect of setrusumab, a treatment for osteogenesis imperfecta, also known as brittle bone disease. JPMorgan believes that Wall Street may be underappreciating the drug’s full potential. “Our Overweight rating on RARE shares is based on our positive outlook on setrusumab, underappreciated pipeline levers, and continued commercial momentum,” Rama said. “At current levels, we see minimal value being ascribed to setrusumab (or the broader pipeline). On positive setrusumab data, we continue to see upside in RARE shares into the mid-$60s (on the low-end).” Rama added that Ultragenyx’s current GAAP profitability guidance for 2027 assumes that the company’s two priority review vouchers could sell at around $100 million each. The vouchers, awarded by the U.S. Food and Drug Administration to get a priority review for a drug, can be sold between holders. Rama noted that such vouchers were recently selling for as much as $160 million, potentially netting Ultragenyx about $300 million.
