UroGen Pharma price target raised to $16 from $3 at Goldman Sachs

Goldman Sachs analyst Paul Choi raised the firm’s price target on UroGen Pharma (URGN) to $16 from $3 and keeps a Neutral rating on the shares following yesterday’s approval of Zusduri. The firm cites the stock being bid up (+22% following FDA approval of Zusduri in patients with low-grade intermediate-risk non muscle-invasive bladder cancer, which was surprising to most investor expectations given the negative ODAC advisory committee briefing document and vote that the drug’s overall benefit-risk profile was not favorable, the analyst tells investors in a research note. Although the FDA is not obligated to follow the ODAC’s recommendation, approvals following negative advisory committee meeting votes, particularly in oncology, are exceedingly rare, the firm adds.