ARK Investment Management LLC Reduces Stock Position in Urogen Pharma $URGN

Key Points

• ARK Investment Management LLC has reduced its stock position in Urogen Pharma by 10.6%, now owning approximately 166,094 shares valued at about $2.275 million.
• Other institutional investors increased their holdings significantly, with UBS AM raising its position by 216.6% during the same quarter.
• Urogen Pharma reported a quarterly loss of ($1.05) EPS, missing estimates, while its revenue exceeded expectations at $24.22 million.

ARK Investment Management LLC reduced its holdings in Urogen Pharma (NASDAQ:URGN - Free Report) by 10.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 166,094 shares of the company's stock after selling 19,696 shares during the period. ARK Investment Management LLC owned approximately 0.36% of Urogen Pharma worth $2,275,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Urogen Pharma by 216.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,360,524 shares of the company's stock worth $48,227,000 after acquiring an additional 2,983,368 shares during the last quarter. RA Capital Management L.P. bought a new stake in Urogen Pharma during the 1st quarter valued at about $35,461,000. Vestal Point Capital LP lifted its holdings in Urogen Pharma by 32.1% during the 1st quarter. Vestal Point Capital LP now owns 2,152,957 shares of the company's stock valued at $23,812,000 after buying an additional 522,957 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Urogen Pharma by 14.6% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 786,472 shares of the company's stock valued at $8,698,000 after buying an additional 100,000 shares in the last quarter. Finally, Parkman Healthcare Partners LLC lifted its holdings in Urogen Pharma by 6.3% during the 1st quarter. Parkman Healthcare Partners LLC now owns 393,153 shares of the company's stock valued at $4,348,000 after buying an additional 23,292 shares in the last quarter. 91.29% of the stock is owned by hedge funds and other institutional investors.

Urogen Pharma Trading Down 2.6%

NASDAQ:URGN opened at $17.66 on Thursday. The company has a market cap of $816.95 million, a PE ratio of -5.32 and a beta of 1.00. Urogen Pharma has a twelve month low of $3.42 and a twelve month high of $21.71. The company's 50 day moving average is $18.46 and its two-hundred day moving average is $14.19.

Urogen Pharma (NASDAQ:URGN - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.23). Urogen Pharma had a negative net margin of 164.44% and a negative return on equity of 97,487.15%. The business had revenue of $24.22 million for the quarter, compared to analyst estimates of $23.06 million. As a group, analysts expect that Urogen Pharma will post -3.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

URGN has been the subject of a number of research analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Urogen Pharma in a report on Wednesday, October 8th. Wall Street Zen downgraded shares of Urogen Pharma from a "hold" rating to a "sell" rating in a research report on Saturday, October 18th. Piper Sandler assumed coverage on shares of Urogen Pharma in a research report on Monday, August 18th. They issued an "overweight" rating and a $36.00 price objective on the stock. D. Boral Capital reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Urogen Pharma in a research report on Friday, October 3rd. Finally, HC Wainwright cut their price objective on shares of Urogen Pharma from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Monday, August 11th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $32.00.

Insider Activity at Urogen Pharma

In related news, CFO Chris Degnan sold 2,203 shares of the business's stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $16.85, for a total value of $37,120.55. Following the completion of the transaction, the chief financial officer directly owned 2,280 shares in the company, valued at $38,418. The trade was a 49.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Jason Drew Smith sold 7,522 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $19.14, for a total transaction of $143,971.08. Following the completion of the transaction, the general counsel owned 41,492 shares of the company's stock, valued at approximately $794,156.88. This represents a 15.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,265 shares of company stock worth $502,236 in the last three months. Company insiders own 4.70% of the company's stock.

About Urogen Pharma

UroGen Pharma Ltd., a biotechnology company, engages in the development and commercialization of solutions for urothelial and specialty cancers. It offers RTGel, a novel proprietary polymeric biocompatible, reverse thermal gelation hydrogel technology to improve therapeutic profiles of existing drugs; and Jelmyto for pyelocalyceal solution.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.