Piper starts ‘underestimated’ UroGen Pharma with an Overweight

As previously reported, Piper Sandler initiated coverage of UroGen Pharma (URGN) with an Overweight rating and $36 price target Investors are starting to gain more confidence in the Zusduri launch, but the firm thinks the Street still underestimates peak sales potential in LG-IR-NMIBC and overestimates intellectual property risk to the -102/-103 franchise, the analyst contends. The firm sees early commercial launch datapoints, combined with updates from the Phase 3 UTOPIA trial of UGN-103, driving “meaningful upside” over the next 12-18 months.