UroGen Pharma price target lowered to $15 from $40 at Guggenheim

Guggenheim lowered the firm’s price target on UroGen Pharma (URGN) to $15 from $40 and keeps a Buy rating on the shares. UroGen management was “clearly disappointed” in the FDA ODAC panel meeting outcome, but remains “hopeful in a potential path forward” for UGN-102 in the near-term, the analyst tells investors. The firm is updating its model and estimates, now reflecting a lower, 20% UGN-102 approval probability this year versus 80% previously, which it notes is “slightly more optimistic than historical precedence” given data suggests concordance of FDA action with Adcom outcomes in 88% of cases.