UroGen Pharma (URGN) PT Lowered to $21 at Oppenheimer on Slower Jelmyto Launch, Reiterates Outperform Rating, Sees Situation Improving in 2022 and Beyond

Oppenheimer analyst Leland Gershell lowered the price target on UroGen Pharma (NASDAQ: URGN) to $21.00 (from $30.00) while maintaining a Outperform rating.

The analyst comments: "With Jelmyto having entered the marketplace just as the COVID-19 pandemic was officially declared, its launch got off to a slow start. This dynamic, together with the balance sheet strain of a large, active-comparator Phase 3 in non-muscle invasive bladder cancer, was reflected by lagging share performance over the past two years (-69% vs. -18% XBI). We believe Jelmyto is now in better stead to meet/exceed current expectations in 2022 and beyond, and a new pivotal plan in NMIBC favors time and cost, as well as likelihood of success, in our view. And, last month's financing provides capital resource clarity toward cash flow break even in 2025. With shares having barely lifted off their 52-week lows, we recommend value-oriented investors take a close look."

By Vlad Schepkov

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