RARE

Ultragenyx Pharmaceutical Inc.

Nasdaq · Pharmaceutical Preparations · Inc. DE · CIK 0001515673
$24.85 -2.09% $2.4B
Insider Selling Cluster (2 insiders)High Impact Filing (8/10)27 New Institutional Positions18 Institutional Exits
Vol
Market Cap$2.4B
Cap SizeMid Cap
Inst. Holders50 funds
Inst. Value$1.1B
Inst. Activity27 buys / 18 sells
Insider Activity0B / 16S
Insider Net $-$3.0M
Reddit Sentiment50° Neutral
SEC Reports7
Exchange Nasdaq·Sector Pharmaceutical Preparations·Inc. DE·CIK 0001515673·Prev Close $25.38

Recent Activity

Sep 19, 2026 fda_pdufa
PDUFA: RARE — UX111 in Sanfilippo syndrome type A (MPS IIIA) — 2026-09-19
FDA target action date 2026-09-19 for RARE (Ultragenyx Pharmaceutical Inc.). Drug: UX111. Indication
Jun 15, 2026 SEC
Two insiders at Ultragenyx sold a combined $97K in open-market transactions on June 15, 2026. The EVP/Chief Legal Office
CLUSTER — Impact 2/10
Jun 15, 2026 Insider
Sanders Corazon (Corsee) D. sold 2,000 shares
Director @ $25.05 ($50.1K)
Jun 15, 2026 Insider
Parschauer Karah Herdman sold 1,899 shares
EVP and Chief Legal Officer @ $24.62 ($46.8K)
Jun 11, 2026 SEC
A mixed institutional cluster in Ultragenyx (RARE) for Q3 2025 shows $368.2M in aggregate buying by 5 institutions (led
INST-CLUSTER — Impact 4/10
Jun 1, 2026 Insider
Horn Howard sold 4,653 shares
Chief Financial Officer @ $23.77 ($110.6K)
May 6, 2026 SEC
Two Ultragenyx insiders (CFO and Chief Medical Officer) sold a combined $125K in open-market transactions over the past
CLUSTER — Impact 2/10
Inst.
Assenagon Asset Management S.A. — DOUBLED
2,257,671 shares ($47.3M)

Price Targets

Historical data — last covering-analyst action Oct 2024. No current recommendation available.
$52.05 (Oct 2024)
Current $24.85 Low $25.00 Median $48.00 High $96.00 19 analysts
$25.00 $96.00

Analyst Ratings

Historical distribution88% buy · 25 analysts · last covering-analyst action Oct 2024
8Strong Buy
14Buy
3Hold
0Sell
0Strong Sell
Historical Analyst Actions
DateFirmActionRating
Oct 22, 2024 Cantor Fitzgerald REITERATE Overweight → Overweight
Oct 21, 2024 TD Cowen MAINTAIN Buy → Buy
Oct 1, 2024 Cantor Fitzgerald REITERATE Overweight → Overweight
Sep 26, 2024 RBC Capital REITERATE Outperform → Outperform
Sep 20, 2024 Cantor Fitzgerald REITERATE Overweight → Overweight

Earnings Estimates

PeriodEPS Est.RangeGrowth#
Current Q $-1.14 ▼ -0.6% $-1.46 — $-0.78 2% YoY 4
Next Q $-0.95 ▲ +6.7% $-1.38 — $-0.63 48% YoY 3
Current FY $-4.24 ▲ +5.0% $-4.41 — $-4.12 27% YoY 4
Next FY $0.97 ▲ +7682.5% $-1.60 — $5.61 123% YoY 4

Top Institutional Holders

FundValueMove
BlackRock, Inc.$152.9M
VANGUARD PORTFOLIO MANAGEMENT LLC$112.8M
STATE STREET CORP$105.2M
VANGUARD CAPITAL MANAGEMENT LLC$87.8M
RTW INVESTMENTS, LP$76.4M

Recent Insider Trades

DateInsiderTypeValue
Jun 15, 2026Sanders CorazonSELL$50.1K
Jun 15, 2026Parschauer KarahSELL$46.8K
Jun 1, 2026Horn HowardSELL$110.6K
May 18, 2026SULIMAN SHEHNAAZSELL$144.2K
May 14, 2026Dunsire DeborahA$0.00

Reddit Sentiment

50°
Neutral
Bearish Neutral Bullish
2 mentions 0 bullish 0 bearish
50 institutional holders with $1.1B total value (54,897,422 shares) as of 2026-Q1. Top holders: BlackRock,, VANGUARD, STATE. Net buying activity: 27 institutions added/increased vs 18 reduced.

Top Institutional Holders — 2026-Q1

#FundSharesValue% of TrackedLast Move
1BlackRock, Inc.7,299,598$152.9M13.3%
2VANGUARD PORTFOLIO MANAGEMENT LLC5,385,992$112.8M9.8%
3STATE STREET CORP5,021,441$105.2M9.2%
4VANGUARD CAPITAL MANAGEMENT LLC4,189,831$87.8M7.6%
5RTW INVESTMENTS, LP3,648,795$76.4M6.7%
6WELLINGTON MANAGEMENT GROUP LLP2,640,812$55.3M4.8%ADD +26.6%
7Assenagon Asset Management S.A.2,257,671$47.3M4.1%DOUBLED +1030.4%
8TWO SIGMA INVESTMENTS, LP2,205,820$46.2M4.0%
9FRONTIER CAPITAL MANAGEMENT CO LLC2,191,182$45.9M4.0%ADD +83.8%
10CITADEL ADVISORS LLC2,115,491$44.3M3.9%
11MORGAN STANLEY1,500,528$31.4M2.7%DOUBLED +100.7%
12VOLORIDGE INVESTMENT MANAGEMENT, LLC1,426,834$29.9M2.6%DOUBLED +121.8%
13D. E. Shaw & Co., Inc.1,261,018$26.4M2.3%
14BANK OF AMERICA CORP /DE/1,046,546$21.9M1.9%
15Point72 Asset Management, L.P.893,295$18.7M1.6%NEW
16Nuveen, LLC662,054$13.9M1.2%
17VANGUARD FIDUCIARY TRUST CO608,219$12.7M1.1%
18Legal & General Group Plc590,294$12.4M1.1%ADD +43.5%
19RENAISSANCE TECHNOLOGIES LLC561,700$11.8M1.0%ADD +53.4%
20CHARLES SCHWAB INVESTMENT MANAGEMENT INC558,486$11.7M1.0%

Recent Position Changes

FundActionPrev SharesCurr SharesChange %ValueQuarter
Assenagon Asset Management S.A.DOUBLED199,7202,257,671+1030.4%$47.3M2026-Q1
VOLORIDGE INVESTMENT MANAGEMENT, LLCDOUBLED643,3561,426,834+121.8%$29.9M2026-Q1
Point72 Asset Management, L.P.NEW893,295$18.7M2026-Q1
Legal & General Group PlcADD411,273590,294+43.5%$12.4M2026-Q1
RENAISSANCE TECHNOLOGIES LLCADD366,100561,700+53.4%$11.8M2026-Q1
Pictet Asset Management Holding SATRIM1,231,331603,571-51.0%$11.7M2026-Q1
Connor, Clark & Lunn Investment Management Ltd.ADD263,869500,922+89.8%$10.5M2026-Q1
ADAGE CAPITAL PARTNERS GP, L.L.C.ADD280,000480,000+71.4%$10.1M2026-Q1
MANUFACTURERS LIFE INSURANCE COMPANY, THEADD331,169451,119+36.2%$9.5M2026-Q1
BNP Paribas Asset Management Holding S.A.NEAR_EXIT1,899,661418,149-78.0%$8.8M2026-Q1
Russell Investments Group, Ltd.TRIM840,820402,959-52.1%$8.4M2026-Q1
Trexquant Investment LPDOUBLED165,017389,467+136.0%$8.2M2026-Q1
BALYASNY ASSET MANAGEMENT L.P.TRIM520,054384,364-26.1%$8.1M2026-Q1
FRED ALGER MANAGEMENT, LLCTRIM411,863298,032-27.6%$6.2M2026-Q1
Invesco Ltd.ADD230,271289,572+25.8%$6.1M2026-Q1
FMR LLCNEAR_EXIT2,666,249287,316-89.2%$6.0M2026-Q1
Brevan Howard Capital Management LPDOUBLED107,903215,845+100.0%$4.5M2026-Q1
MARSHALL WACE, LLPDOUBLED72,168157,526+118.3%$3.3M2026-Q1
GROUP ONE TRADING LLCDOUBLED23,208140,166+504.0%$2.9M2026-Q1
SEI INVESTMENTS COTRIM153,72692,094-40.1%$1.9M2026-Q1
DEUTSCHE BANK AG\NEAR_EXIT599,47371,869-88.0%$1.5M2026-Q1
Mariner, LLCDOUBLED10,24561,314+498.5%$1.3M2026-Q1
TUDOR INVESTMENT CORP ET ALDOUBLED13,41653,517+298.9%$1.1M2026-Q1
HSBC HOLDINGS PLCADD29,67951,637+74.0%$1.1M2026-Q1
CWM, LLCDOUBLED13,12544,571+239.6%$933.8K2026-Q1
15 unique insiders with 50 transactions. Net insider value: -$3.0M ($0.00 bought, $3.0M sold).

Insider Transactions

DateInsiderTitleTypeSharesPriceValue
Jun 15, 2026Sanders Corazon (Corsee) D.DirectorSELL2,000$25.05$50.1K
Jun 15, 2026Parschauer Karah HerdmanEVP and Chief Legal OfficerSELL1,899$24.62$46.8K
Jun 1, 2026Horn HowardChief Financial OfficerSELL4,653$23.77$110.6K
May 18, 2026SULIMAN SHEHNAAZDirectorSELL5,740$25.12$144.2K
May 14, 2026Dunsire DeborahDirectorAWARD7,751
May 14, 2026Dunsire DeborahDirectorAWARD14,058
May 14, 2026WELCH DANIEL GDirectorAWARD7,751
May 14, 2026WELCH DANIEL GDirectorAWARD14,058
May 14, 2026NARACHI MICHAELDirectorAWARD7,751
May 14, 2026NARACHI MICHAELDirectorAWARD14,058
May 14, 2026Sanders Corazon (Corsee) D.DirectorAWARD7,751
May 14, 2026Sanders Corazon (Corsee) D.DirectorAWARD14,058
May 14, 2026Ray AmritDirectorAWARD7,751
May 14, 2026Ray AmritDirectorAWARD14,058
May 14, 2026SULIMAN SHEHNAAZDirectorAWARD7,751
May 14, 2026SULIMAN SHEHNAAZDirectorAWARD14,058
May 14, 2026Fust Matthew KDirectorAWARD7,751
May 14, 2026Fust Matthew KDirectorAWARD14,058
May 5, 2026Crombez EricEVP and Chief Medical OfficerSELL344$24.96$8.6K
May 1, 2026Horn HowardChief Financial OfficerSELL4,683$24.90$116.6K
Apr 22, 2026Huizenga Theodore AlanSVP, Chief Accounting OfficerAWARD20,241
Apr 22, 2026Huizenga Theodore AlanSVP, Chief Accounting OfficerAWARD7,348
Apr 16, 2026Horn HowardChief Financial OfficerAWARD34,674
Apr 16, 2026Horn HowardChief Financial OfficerAWARD59,952
Apr 16, 2026Crombez EricEVP and Chief Medical OfficerAWARD34,674
Apr 16, 2026Crombez EricEVP and Chief Medical OfficerAWARD59,952
Apr 16, 2026Parschauer Karah HerdmanEVP and Chief Legal OfficerAWARD49,960
Apr 16, 2026Harris ErikEVP & Chief Commercial OfficerAWARD28,895
Apr 16, 2026Harris ErikEVP & Chief Commercial OfficerAWARD49,960
Apr 16, 2026Parschauer Karah HerdmanEVP and Chief Legal OfficerAWARD28,895
Apr 16, 2026Pinion John RichardSee RemarksAWARD23,116
Apr 16, 2026Pinion John RichardSee RemarksAWARD79,936
Apr 16, 2026Huang Dennis KarlSee RemarksAWARD23,116
Apr 16, 2026Huang Dennis KarlSee RemarksAWARD79,936
Apr 16, 2026KAKKIS EMIL DPresident & CEOAWARD76,745
Apr 16, 2026KAKKIS EMIL DPresident & CEOAWARD132,693
Apr 1, 2026Horn HowardChief Financial OfficerSELL4,683$20.97$98.2K
Mar 10, 2026Parschauer Karah HerdmanEVP and Chief Legal OfficerSELL3,508$22.67$79.5K
Mar 6, 2026Parschauer Karah HerdmanEVP and Chief Legal OfficerSELL6,018$21.40$128.8K
Mar 3, 2026Horn HowardChief Financial OfficerSELL1,635$22.40$36.6K
Mar 2, 2026Pinion John RichardSee RemarksSELL10,029$22.80$228.7K
Mar 2, 2026Parschauer Karah HerdmanEVP and Chief Legal OfficerSELL8,135$22.80$185.5K
Mar 2, 2026Horn HowardChief Financial OfficerSELL5,290$22.80$120.6K
Mar 2, 2026Huang Dennis KarlSee RemarksTAX W/H999$23.39$23.4K
Mar 2, 2026Harris ErikEVP & Chief Commercial OfficerSELL10,539$22.80$240.3K
Mar 2, 2026Huizenga Theodore AlanSVP, Chief Accounting OfficerTAX W/H148$23.39$3.5K
Mar 2, 2026Crombez EricEVP and Chief Medical OfficerSELL7,029$22.80$160.3K
Mar 2, 2026KAKKIS EMIL DPresident & CEOSELL54,404$22.80$1.2M
Mar 1, 2026Pinion John RichardSee RemarksAWARD11,137
Mar 1, 2026Parschauer Karah HerdmanEVP and Chief Legal OfficerAWARD11,137

No press releases analyzed yet. Press releases are collected from GlobeNewsWire and analyzed by the LLM pipeline.

Historical analyst distribution (last covering-analyst action Oct 2024): 88% buy across 25 analysts — 8 strong buy, 14 buy, 3 hold, 0 sell, 0 strong sell. No current recommendation available.

Analyst Price Targets

Historical data — last covering-analyst action Oct 2024. No current recommendation available.
$52.05 mean target (Oct 2024)
$25.00 Low $96.00 High
MetricValue
Current Price$24.85
Target Low$25.00
Target Mean$52.05
Target Median$48.00
Target High$96.00
# Analysts19
Recommendation— (no recent coverage)

Earnings Estimates & Revisions

PeriodEPS AvgEPS LowEPS HighEPS Growth30d Rev.Up/DownRev. AvgRev. GrowthAnalysts
Current Q
2026-06-30
$-1.14 $-1.46 $-0.78 2.3% -0.6% 0↑ 3↓ $0.2B 9.2% 4
Next Q
2026-09-30
$-0.95 $-1.38 $-0.63 47.6% +6.7% 0↑ 3↓ $0.2B 15.0% 3
Current FY
2026-12-31
$-4.24 $-4.41 $-4.12 27.2% +5.0% 0↑ 2↓ $0.7B 10.2% 4
Next FY
2027-12-31
$0.97 $-1.60 $5.61 122.7% +7682.5% 0↑ 1↓ $1.0B 32.7% 4

Current Quarter EPS Revision History

TimepointEPS EstimateChange
Current$-1.144
7d ago$-1.222+0.078
30d ago$-1.137-0.006
60d ago$-1.129-0.014
90d ago$-1.070-0.074
17 analyst firms have rated this stock: 2 upgrades, 0 downgrades, 2 initiations.

Historical Analyst Actions

DateAnalyst FirmActionPrevious RatingNew Rating
Oct 22, 2024 Cantor Fitzgerald REITERATE Overweight Overweight
Oct 21, 2024 TD Cowen MAINTAIN Buy Buy
Oct 1, 2024 Cantor Fitzgerald REITERATE Overweight Overweight
Sep 26, 2024 RBC Capital REITERATE Outperform Outperform
Sep 20, 2024 Cantor Fitzgerald REITERATE Overweight Overweight
Sep 16, 2024 Cantor Fitzgerald REITERATE Overweight Overweight
Aug 5, 2024 Barclays MAINTAIN Overweight Overweight
Aug 2, 2024 Wells Fargo MAINTAIN Overweight Overweight
Aug 2, 2024 Goldman Sachs MAINTAIN Buy Buy
Aug 2, 2024 Cantor Fitzgerald MAINTAIN Overweight Overweight
Aug 2, 2024 Wedbush MAINTAIN Neutral Neutral
Jul 23, 2024 Canaccord Genuity MAINTAIN Buy Buy
Jul 22, 2024 Cantor Fitzgerald REITERATE Overweight Overweight
Jul 18, 2024 Wedbush REITERATE Neutral Neutral
Jun 12, 2024 Cantor Fitzgerald REITERATE Overweight Overweight
Jun 6, 2024 Goldman Sachs UPGRADE Neutral Buy
May 31, 2024 Wedbush MAINTAIN Neutral Neutral
May 31, 2024 B of A Securities MAINTAIN Buy Buy
May 31, 2024 Canaccord Genuity MAINTAIN Buy Buy
May 31, 2024 Cantor Fitzgerald MAINTAIN Overweight Overweight
May 31, 2024 Stifel MAINTAIN Buy Buy
May 31, 2024 Baird MAINTAIN Outperform Outperform
May 6, 2024 Canaccord Genuity MAINTAIN Buy Buy
May 3, 2024 Cantor Fitzgerald REITERATE Overweight Overweight
May 3, 2024 Wedbush MAINTAIN Neutral Neutral
Apr 24, 2024 TD Cowen MAINTAIN Buy Buy
Apr 22, 2024 RBC Capital INITIATE Outperform
Apr 17, 2024 Wedbush REITERATE Neutral Neutral
Apr 16, 2024 Wedbush REITERATE Neutral Neutral
Apr 5, 2024 Cantor Fitzgerald REITERATE Overweight Overweight
Mar 18, 2024 JP Morgan MAINTAIN Overweight Overweight
Feb 27, 2024 JP Morgan MAINTAIN Overweight Overweight
Feb 27, 2024 Cantor Fitzgerald MAINTAIN Overweight Overweight
Feb 21, 2024 Canaccord Genuity MAINTAIN Buy Buy
Feb 16, 2024 Wedbush MAINTAIN Neutral Neutral
Feb 15, 2024 Cantor Fitzgerald REITERATE Overweight Overweight
Jan 30, 2024 Baird MAINTAIN Outperform Outperform
Jan 19, 2024 Cantor Fitzgerald REITERATE Overweight Overweight
Dec 8, 2023 Wells Fargo INITIATE Overweight
Nov 3, 2023 Morgan Stanley MAINTAIN Overweight Overweight
Oct 25, 2023 Piper Sandler MAINTAIN Overweight Overweight
Oct 10, 2023 Morgan Stanley MAINTAIN Overweight Overweight
Sep 25, 2023 Cantor Fitzgerald REITERATE Overweight Overweight
Aug 4, 2023 Morgan Stanley REITERATE Overweight Overweight
Aug 1, 2023 HC Wainwright & Co. REITERATE Buy Buy
Jun 7, 2023 Citigroup MAINTAIN Buy Buy
Jun 6, 2023 Evercore ISI Group UPGRADE In-Line Outperform
Jun 6, 2023 Wedbush MAINTAIN Neutral Neutral
May 8, 2023 Wedbush MAINTAIN Neutral
May 5, 2023 Citigroup MAINTAIN Buy Buy

Monthly Consensus History

PeriodStrong BuyBuyHoldSellStrong SellBuy %Distribution
Jun 1, 202681430088%
May 1, 202681530088%
Apr 1, 202681530088%
Mar 1, 202691620093%
Feb 1, 202691620093%
Jan 1, 202691620093%
Strong BuyBuyHoldSellStrong Sell

No congressional trading data available for this ticker. Data is sourced from Senate and House financial disclosure filings.

50°
Neutral
Bearish Neutral Bullish
2 mentions 0 bullish 0 bearish 2 time periods

Reddit Sentiment History

DateMentionsSentimentBullishBearishThreads
Mar 24, 2026150° Neutral001
Mar 24, 2026150° Neutral001
Sep 19, 2026
fda_pdufa
PDUFA: RARE — UX111 in Sanfilippo syndrome type A (MPS IIIA) — 2026-09-19
FDA target action date 2026-09-19 for RARE (Ultragenyx Pharmaceutical Inc.). Drug: UX111. Indication: Sanfilippo syndrome type A (MPS IIIA). PDUFA tar
Aug 23, 2026
fda_pdufa
PDUFA: RARE — DTX401 in glycogen storage disease type Ia (GSDIa) — 2026-08-23
FDA target action date 2026-08-23 for RARE (Ultragenyx Pharmaceutical Inc.). Drug: DTX401. Indication: glycogen storage disease type Ia (GSDIa). PDUFA
Jun 12, 2026
short_volume
Short Volume: RARE — 68.9% short (0.4M / 0.7M)
Short: 448,169 | Exempt: 0 | TRF Vol: 650,395 | Short Ratio: 68.9% | Off-exchange volume (dark pool + OTC)
Jun 11, 2026
short_volume
Short Volume: RARE — 63.4% short (0.3M / 0.5M)
Short: 333,222 | Exempt: 201 | TRF Vol: 525,407 | Short Ratio: 63.4% | Off-exchange volume (dark pool + OTC)
Jun 9, 2026
short_volume
Short Volume: RARE — 56.7% short (0.3M / 0.6M)
Short: 339,197 | Exempt: 43 | TRF Vol: 597,825 | Short Ratio: 56.7% | Off-exchange volume (dark pool + OTC)
Jun 3, 2026
other
Ultragenyx to Participate at Goldman Sachs 47th Annual Global Healthcare Conference
<p>NOVATO, Calif., June 03, 2026 (GLOBE NEWSWIRE) -- Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company focused on the devel
Jun 3, 2026
Clinical Trial
A Comparative Phase 2 Study Assessing the Efficacy of Triheptanoin, an Anaplerotic Therapy in Huntington's Disease
Phase Phase 2 — COMPLETED
Jun 3, 2026
short_volume
Short Volume: RARE — 64.7% short (0.4M / 0.7M)
Short: 425,949 | Exempt: 0 | TRF Vol: 657,993 | Short Ratio: 64.7% | Off-exchange volume (dark pool + OTC)
Jun 1, 2026
short_volume
Short Volume: RARE — 60.3% short (0.4M / 0.6M)
Short: 362,534 | Exempt: 0 | TRF Vol: 601,513 | Short Ratio: 60.3% | Off-exchange volume (dark pool + OTC)
May 29, 2026
short_volume
Short Volume: RARE — 69.0% short (0.4M / 0.6M)
Short: 390,643 | Exempt: 9 | TRF Vol: 566,004 | Short Ratio: 69.0% | Off-exchange volume (dark pool + OTC)
May 28, 2026
short_volume
Short Volume: RARE — 60.3% short (0.3M / 0.5M)
Short: 317,615 | Exempt: 0 | TRF Vol: 526,932 | Short Ratio: 60.3% | Off-exchange volume (dark pool + OTC)
May 25, 2026
dark_pool
Dark Pool: RARE — 1.7M shares, 37,700 trades
Week starting 2026-05-25. Total ATS volume: 1,686,706 shares across 37,700 trades.
May 22, 2026
other
Ultragenyx Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
<p>NOVATO, Calif., May 22, 2026 (GLOBE NEWSWIRE) -- Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE), a biopharmaceutical company focused on the develo
May 20, 2026
short_volume
Short Volume: RARE — 61.8% short (0.3M / 0.5M)
Short: 326,985 | Exempt: 2,526 | TRF Vol: 529,485 | Short Ratio: 61.8% | Off-exchange volume (dark pool + OTC)
May 19, 2026
short_volume
Short Volume: RARE — 66.8% short (0.4M / 0.7M)
Short: 442,832 | Exempt: 298 | TRF Vol: 663,299 | Short Ratio: 66.8% | Off-exchange volume (dark pool + OTC)
May 18, 2026
dark_pool
Dark Pool: RARE — 1.9M shares, 46,695 trades
Week starting 2026-05-18. Total ATS volume: 1,942,042 shares across 46,695 trades.
Apr 27, 2026
Clinical Trial
Phase 3 Efficacy and Safety Study of GTX-102 in Pediatric Subjects With Angelman Syndrome (AS)
Phase Phase 3 — ACTIVE_NOT_RECRUITING
Apr 1, 2026
Clinical Trial
A Study of Adeno-Associated Virus Serotype 8-Mediated Gene Transfer of Glucose-6-Phosphatase in Patients With Glycogen Storage Disease Type Ia (GSDIa)
Phase Phase 3 — COMPLETED