Palo Alto Investors LP Purchases New Shares in Urogen Pharma $URGN

Key Points

• Palo Alto Investors initiated a position in UroGen Pharma by purchasing 24,500 shares valued at approximately $901.6 million, while institutional investors and hedge funds collectively own 91.29% of the company.
• UroGen reported quarterly revenue of $72.46 million, exceeding expectations of $63.55 million, but its loss of $0.28 per share missed the $0.26 consensus estimate.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $50.38, although an insider recently sold 60,677 shares for about $2.85 million.

Palo Alto Investors LP bought a new position in shares of Urogen Pharma (NASDAQ:URGN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 24,500 shares of the company's stock, valued at approximately $901,600,000. Palo Alto Investors LP owned approximately 0.05% of Urogen Pharma as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of URGN. Paradigm Biocapital Advisors LP acquired a new position in Urogen Pharma in the 3rd quarter worth about $84,111,000. BlackRock Inc. acquired a new stake in Urogen Pharma in the second quarter valued at approximately $117,814,000. Jefferies Financial Group Inc. acquired a new stake in Urogen Pharma in the second quarter valued at approximately $80,947,000. Soleus Capital Management L.P. purchased a new stake in shares of Urogen Pharma in the second quarter valued at approximately $29,934,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Urogen Pharma in the fourth quarter valued at approximately $26,350,000. 91.29% of the stock is currently owned by institutional investors and hedge funds.

Urogen Pharma Price Performance

Shares of Urogen Pharma stock opened at $45.50 on Friday. The stock has a market capitalization of $2.22 billion, a P/E ratio of -22.98 and a beta of 1.57. The business has a 50 day simple moving average of $41.61 and a two-hundred day simple moving average of $29.85. Urogen Pharma has a 12 month low of $15.86 and a 12 month high of $50.81.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Oppenheimer lifted their price target on shares of Urogen Pharma from $40.00 to $50.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Weiss Ratings restated a "sell (d-)" rating on shares of Urogen Pharma in a research report on Friday, July 17th. TD Cowen upped their price objective on shares of Urogen Pharma from $50.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Guggenheim increased their price objective 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 started 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 investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $50.38.

Insiders Place Their Bets

In other Urogen Pharma news, insider Mark Schoenberg sold 60,677 shares of the firm's stock in a transaction on 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 transaction, the insider owned 59,086 shares in the company, valued at approximately $2,779,996.30. This trade represents a 50.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 85,899 shares of company stock valued at $3,747,513. Company insiders own 4.80% of the company's stock.

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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