UroGen Pharma price target raised to $30 from $15 at Guggenheim

Guggenheim raised the firm’s price target on UroGen Pharma (URGN) to $30 from $15 and keeps a Buy rating on the shares. The FDA announced the full approval of “Zusduri” one day ahead of the PDUFA deadline date in “a surprise decision” following the negative ODAC vote during an FDA advisory committee meeting last month, the analyst tells investors. The firm believes this outcome represents “a best-case-scenario” for UroGen given that the marketing approval indicates a broad indication of recurrent low-grade intermediate-risk non-muscle invasive bladder cancer, without the need to conduct another large randomized controlled trial and “only minor safety warnings.”