UroGen Pharma price target lowered to $32 from $34 at Oppenheimer

Oppenheimer analyst Leland Gershell lowered the firm’s price target on UroGen Pharma to $32 from $34 and keeps an Outperform rating on the shares. The firm notes the company posted net Jelmyto sales of $18.8M, light to its/consensus $20M/$21.4M estimates on more pronounced seasonal impact. UGN-102’s opportunity in low-grade, intermediate-risk NMIBC remains the key investor focus following last July’s impressive Phase 3 data. Oppenheimer looks forward to hearing on the extent to which those patients who achieved a complete response at three months in ENVISION remained in CR 12 months later, to be announced June 13 and Oppenheimer will hold a virtual investor event that day.