Shares of Urogen Pharma (NASDAQ:URGN) reached a new 52-week high during trading on Thursday, October 27, 2023. The stock peaked at $25.60 before closing at $25.27, with a trading volume of approximately 2,384,324 shares. This increase follows a previous close of $23.55 per share and has sparked interest among investors regarding the company’s potential growth.
Analyst Ratings and Market Response
A number of equities research analysts have recently updated their ratings for Urogen Pharma. Notably, HC Wainwright reaffirmed a “buy” rating with a target price of $40.00. This was communicated in a report released on October 27. Meanwhile, Weiss Ratings maintained a “sell (d-)” rating on October 8, indicating a contrasting viewpoint. In another positive development, D. Boral Capital reiterated a “buy” rating with a price objective of $25.00 also on October 27.
The general sentiment towards Urogen Pharma appears favorable, with seven analysts assigning a “buy” rating, one recommending a “hold,” and one suggesting a “sell.” According to data from MarketBeat, the stock currently holds a consensus rating of “Moderate Buy” with an average target price of $32.00.
Financial Performance and Insider Transactions
Urogen Pharma’s financial results for the third quarter, released on November 6, showed a reported loss of ($0.69) earnings per share (EPS), which exceeded analysts’ expectations of ($0.72) by $0.03. The company recorded revenues of $27.48 million, falling short of the consensus estimate of $34.09 million. Despite these results, analysts predict that Urogen Pharma will report an EPS of ($3.12) for the current fiscal year, reflecting ongoing challenges.
In recent insider transactions, Chief Financial Officer Chris Degnan sold 2,203 shares on October 8 at an average price of $16.85, totaling $37,120.55. Following this transaction, Degnan holds 2,280 shares, a decrease of 49.14% in his position. Additionally, General Counsel Jason Drew Smith sold 1,520 shares on September 8 for $29,047.20, reducing his holdings by 3.39%. In total, insiders sold 4,594 shares valued at $82,813 in the last three months, with corporate insiders owning approximately 4.70% of the stock.
Institutional investors continue to play a significant role in Urogen Pharma’s stock dynamics. Recent reports indicate that large investors have adjusted their positions, with Jacobs Levy Equity Management Inc. acquiring a new stake valued at $426,000 in the third quarter. Other significant investments include TCG Crossover Management LLC and Voloridge Investment Management LLC, with stakes valued at approximately $14.31 million and $13.72 million, respectively. Institutional ownership now accounts for approximately 91.29% of Urogen Pharma’s stock.
Urogen Pharma Ltd. focuses on developing and commercializing solutions for urothelial and specialty cancers. Its innovative products include RTGel, a proprietary hydrogel technology, and Jelmyto, aimed at treating specific conditions.
As Urogen Pharma continues to navigate its financial landscape, the recent surge in stock price and analyst upgrades may signal potential growth for investors, despite caution in financial performance.
