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UroGen Pharma price target lowered to $10 from $36 at Oppenheimer

Oppenheimer analyst Leland Gershell lowered the firm’s price target on UroGen Pharma (URGN) to $10 from $36 and keeps an Outperform rating on the shares. The firm says investor interest following its prior UroGen note inspired Oppenheimer to value the stock by building out its working financial model for the company. The firm believes its updated model offers investors an accessible means of valuing UroGen as a function of the likelihoods that UGN-102 and, eventually, UGN-103, are approved. Despite lowering its price target Oppenheimer is more optimistic on near-term UGN-102 approval than the market is indicating.

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