BlackRock Inc. Purchases Shares of 3,201,461 Urogen Pharma $URGN

Key Points

• BlackRock initiated a major position in Urogen Pharma during the second quarter, buying 3.2 million shares valued at approximately $117.8 million and representing 6.57% of the company.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $50.38, although ratings range from Strong Buy to Sell.
• Urogen’s quarterly revenue of $72.46 million exceeded expectations, but its adjusted loss of $0.28 per share was slightly worse than forecast. Shares opened at $43.62, while an insider recently sold roughly $2.85 million worth of stock.

BlackRock Inc. purchased a new position in Urogen Pharma (NASDAQ:URGN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,201,461 shares of the company's stock, valued at approximately $117,814,000. BlackRock Inc. owned 6.57% of Urogen Pharma at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Osaic Holdings Inc. grew its holdings in Urogen Pharma by 491.2% during the 2nd quarter. Osaic Holdings Inc. now owns 3,695 shares of the company's stock valued at $50,000 after buying an additional 3,070 shares in the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Urogen Pharma during the 2nd quarter valued at approximately $66,000. Russell Investments Group Ltd. raised its holdings in Urogen Pharma by 1,594.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 3,321 shares of the company's stock valued at $66,000 after buying an additional 3,125 shares during the period. Tower Research Capital LLC TRC raised its holdings in Urogen Pharma by 422.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,891 shares of the company's stock valued at $94,000 after buying an additional 5,571 shares during the period. Finally, Nebula Research & Development LLC bought a new stake in Urogen Pharma in the second quarter worth $162,000. Institutional investors own 91.29% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on URGN shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Urogen Pharma in a research note on Friday, July 17th. The Goldman Sachs Group reissued a "neutral" rating and issued a $44.00 price objective on shares of Urogen Pharma in a research report on Wednesday, July 15th. TD Cowen raised their price objective on shares of Urogen Pharma from $50.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. LADENBURG THALM/SH SH initiated coverage on Urogen Pharma in a report on Monday, May 11th. They set a "buy" rating and a $43.00 price objective for the company. Finally, Guggenheim upped their price objective on Urogen Pharma from $42.00 to $58.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $50.38.

Urogen Pharma Price Performance

Shares of NASDAQ URGN opened at $43.62 on Friday. The stock has a market capitalization of $2.13 billion, a P/E ratio of -22.03 and a beta of 1.57. Urogen Pharma has a 1-year low of $15.86 and a 1-year high of $50.81. The business has a fifty day moving average price of $41.81 and a 200 day moving average price of $29.95.

Urogen Pharma (NASDAQ:URGN - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.26) by ($0.02). The company had revenue of $72.46 million for the quarter, compared to the consensus estimate of $63.55 million. As a group, equities research analysts anticipate that Urogen Pharma will post -0.2 earnings per share for the current fiscal year.

Insider Activity at Urogen Pharma

In other Urogen Pharma news, insider Mark Schoenberg sold 60,677 shares of the firm's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $47.05, for a total value of $2,854,852.85. Following the completion of the sale, the insider owned 59,086 shares of the company's stock, valued at approximately $2,779,996.30. This trade represents a 50.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 85,899 shares of company stock worth $3,747,513. Corporate insiders own 4.80% of the company's stock.

Urogen Pharma 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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