Urogen Pharma (NASDAQ:URGN) Trading Up 5.9% - Here's What Happened

Key Points

• Urogen Pharma shares rose 5.9% to $46.39 in mid-day trading, although volume was 92% below the average session level.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $50.38; recent targets range from $44 to $75.
• The company exceeded quarterly revenue expectations with $72.46 million but posted an adjusted loss of $0.28 per share, missing estimates by $0.02. Institutional investors own 91.29% of the stock, while insiders have sold more than $3.6 million in shares over the past 90 days.

Shares of Urogen Pharma (NASDAQ:URGN - Get Free Report) traded up 5.9% during mid-day trading on Wednesday . The company traded as high as $46.10 and last traded at $46.39. 65,100 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 803,839 shares. The stock had previously closed at $43.81.

Analysts Set New Price Targets

Several research firms have recently commented on URGN. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $44.00 price target on shares of Urogen Pharma in a research report on Wednesday, July 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of Urogen Pharma in a report on Friday, July 17th. Oppenheimer boosted their target price on shares of Urogen Pharma from $40.00 to $50.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. HC Wainwright upped their target price on shares of Urogen Pharma from $45.00 to $75.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, TD Cowen increased their price target 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. 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 company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $50.38.

Urogen Pharma Stock Performance

The firm's fifty day simple moving average is $43.02 and its 200 day simple moving average is $31.15. The firm has a market cap of $2.25 billion, a P/E ratio of -23.16 and a beta of 1.57.

Urogen Pharma (NASDAQ:URGN - Get Free Report) last released 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 company had revenue of $72.46 million for the quarter, compared to the consensus estimate of $63.55 million. On average, equities research analysts predict that Urogen Pharma will post -0.2 earnings per share for the current year.

Insider Buying and Selling at Urogen Pharma

In other news, insider Mark Schoenberg sold 60,677 shares of Urogen Pharma stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $47.05, for a total transaction 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. The trade was a 50.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 80,677 shares of company stock worth $3,604,953 in the last ninety days. 4.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Urogen Pharma

Several large investors have recently modified their holdings of URGN. Engineers Gate Manager LP purchased a new stake in shares of Urogen Pharma in the 2nd quarter worth approximately $603,000. Squarepoint Ops LLC bought a new position in Urogen Pharma in the second quarter worth approximately $431,000. California State Teachers Retirement System raised its stake in Urogen Pharma by 4,168.7% in the second quarter. California State Teachers Retirement System now owns 1,654,123 shares of the company's stock worth $60,872,000 after buying an additional 1,615,373 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Urogen Pharma by 15.1% during the second quarter. Wellington Management Group LLP now owns 115,362 shares of the company's stock worth $4,245,000 after buying an additional 15,147 shares during the period. Finally, Palo Alto Investors LP bought a new stake in Urogen Pharma during the 2nd quarter valued at $901,600. Institutional investors own 91.29% of the company's stock.

About Urogen Pharma

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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