UroGen Pharma initiated with a Buy at Jefferies

Jefferies analyst Amin Makarem initiated coverage of UroGen Pharma (URGN) with a Buy rating and $40 price target The firm says the company’s Zusduri has “strong” Phase 3 efficacy and durability data, positioning it as a a non-surgical alternative to repeat transurethral resection of bladder tumor in recurrent non-muscle invasive bladder cancer. Jefferies sees a favorable risk/reward for the shares, noting its survey suggests uptake should accelerate once payer frictions ease.