Bank of New York Mellon Corp Buys New Position in Urogen Pharma $URGN

Key Points

• Bank of New York Mellon purchased 113,028 Urogen Pharma shares worth approximately $4.16 million, while institutional investors collectively owned 91.29% of the company.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $50.38; HC Wainwright and Guggenheim recently raised their targets to $75 and $58, respectively.
• URGN shares opened at $44.09, near their $50.81 one-year high. The company exceeded revenue expectations in its latest quarter but missed consensus earnings estimates, reporting a loss of $0.28 per share versus expectations of $0.26.

Bank of New York Mellon Corp purchased a new position in shares of Urogen Pharma (NASDAQ:URGN - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 113,028 shares of the company's stock, valued at approximately $4,159,000. Bank of New York Mellon Corp owned 0.23% of Urogen Pharma at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in URGN. Paradigm Biocapital Advisors LP lifted its position in shares of Urogen Pharma by 6.1% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 4,473,648 shares of the company's stock worth $104,773,000 after purchasing an additional 257,564 shares during the last quarter. Morgan Stanley increased its holdings in Urogen Pharma by 1.4% in the fourth quarter. Morgan Stanley now owns 2,562,901 shares of the company's stock valued at $60,023,000 after buying an additional 34,455 shares during the last quarter. Soleus Capital Management L.P. acquired a new stake in Urogen Pharma in the second quarter valued at $29,934,000. SG Americas Securities LLC raised its stake in Urogen Pharma by 20.3% in the first quarter. SG Americas Securities LLC now owns 1,657,846 shares of the company's stock valued at $29,808,000 after buying an additional 280,199 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Urogen Pharma during the 4th quarter worth about $26,350,000. Institutional investors and hedge funds own 91.29% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. HC Wainwright upped their price target on Urogen Pharma from $45.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Weiss Ratings restated a "sell (d-)" rating on shares of Urogen Pharma in a research report on Friday, July 17th. UBS Group restated a "buy" rating on shares of Urogen Pharma in a research report on Thursday, July 9th. Guggenheim upped their target price on shares of Urogen Pharma from $42.00 to $58.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Urogen Pharma in a research report on Monday, May 11th. They issued a "buy" rating and a $43.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $50.38.

Insider Buying and Selling

In related news, insider Mark Schoenberg sold 60,677 shares of the stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $47.05, for a total transaction of $2,854,852.85. Following the sale, the insider owned 59,086 shares of the company's stock, valued at $2,779,996.30. This trade represents a 50.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 85,899 shares of company stock worth $3,747,513. 4.80% of the stock is currently owned by corporate insiders.

Urogen Pharma Stock Performance

URGN stock opened at $44.09 on Friday. The stock has a market capitalization of $2.16 billion, a PE ratio of -22.27 and a beta of 1.57. The company has a fifty day moving average of $42.72 and a 200-day moving average of $30.75. Urogen Pharma has a one year low of $15.86 and a one year high of $50.81.

Urogen Pharma (NASDAQ:URGN - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.02). The company had revenue of $72.46 million during the quarter, compared to analysts' expectations of $63.55 million. Equities analysts forecast that Urogen Pharma will post -0.2 earnings per share for the current fiscal year.

Urogen Pharma Company Profile

UroGen Pharma is a clinical-stage biopharmaceutical company focused on developing and commercializing novel treatments for uro-oncology and uro-genital diseases. Founded in 2010 and headquartered in Ra'anana, Israel, with offices in New York, UroGen applies its proprietary RTGel® reverse thermal gel delivery platform to create sustained-release formulations designed for in-office use by urologists.

The company's lead product, Jelmyto® (mitomycin gel), received U.S. Food and Drug Administration approval in 2020 for the treatment of adults with low-grade upper tract urothelial cancer.

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