Urogen Pharma (NASDAQ:URGN) Reaches New 1-Year High - Here's What Happened

Key Points

• Urogen Pharma shares reached a new 52-week high, trading as high as $49.98 and up 3.3%, while its market capitalization reached approximately $2.47 billion.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $50.38. TD Cowen raised its target to $60, while Oppenheimer increased its target to $50.
• The company exceeded quarterly revenue expectations with $72.46 million versus $63.55 million forecast, but missed on adjusted earnings per share, reporting a loss of $0.28 compared with the expected loss of $0.26.

Urogen Pharma (NASDAQ:URGN - Get Free Report) shares hit a new 52-week high on Wednesday . The stock traded as high as $49.98 and last traded at $49.5860, with a volume of 41402 shares changing hands. The stock had previously closed at $48.92.

Analyst Ratings Changes

URGN has been the subject of a number of recent analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Urogen Pharma in a report on Friday, July 17th. UBS Group reiterated a "buy" rating on shares of Urogen Pharma in a research note on Thursday, July 9th. Oppenheimer lifted their target price on Urogen Pharma from $40.00 to $50.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. TD Cowen boosted their price target on Urogen Pharma from $50.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $44.00 price target on shares of Urogen Pharma in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $50.38.

Urogen Pharma Stock Up 3.3%

The firm's fifty day moving average price is $39.38 and its two-hundred day moving average price is $28.55. The stock has a market capitalization of $2.47 billion, a PE ratio of -25.45 and a beta of 1.57.

Urogen Pharma (NASDAQ:URGN - Get Free Report) last posted its earnings results 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 business had revenue of $72.46 million during the quarter, compared to the consensus estimate of $63.55 million. As a group, analysts predict that Urogen Pharma will post -0.2 EPS for the current year.

Insider Buying and Selling at Urogen Pharma

In related news, insider Mark Schoenberg sold 10,000 shares of Urogen Pharma stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $40.00, for a total transaction of $400,000.00. Following the sale, the insider owned 119,763 shares of the company's stock, valued at approximately $4,790,520. This trade represents a 7.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,222 shares of company stock valued at $892,661 over the last three months. Corporate insiders own 4.80% of the company's stock.

Hedge Funds Weigh In On Urogen Pharma

Several hedge funds have recently modified their holdings of the stock. Paradigm Biocapital Advisors LP purchased a new stake in Urogen Pharma in the 3rd quarter worth $84,111,000. BlackRock Inc. bought a new position in shares of Urogen Pharma during the 2nd quarter valued at about $117,814,000. Jefferies Financial Group Inc. purchased a new position in shares of Urogen Pharma during the second quarter valued at about $80,947,000. Soleus Capital Management L.P. purchased a new position in shares of Urogen Pharma during the second quarter valued at about $29,934,000. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Urogen Pharma in the fourth quarter worth about $26,350,000. Hedge funds and other 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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