Urogen Pharma (NASDAQ:URGN) Stock Price Down 16.3% After Earnings Miss

Shares of Urogen Pharma (NASDAQ:URGN) fell 16.3% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $29.35 and last traded at $28.80. Approximately 252,768 shares changed hands during trading, a decline of 70% from the average session volume of 837,947 shares. The stock had previously closed at $34.40.

The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.14). The company had revenue of $89.00 million for the quarter, compared to the consensus estimate of $89.92 million.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price objective on shares of Urogen Pharma in a report on Monday, October 19th. Jefferies Financial Group reaffirmed a “buy” rating and set a $56.00 price objective on shares of Urogen Pharma in a research note on Thursday, September 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Urogen Pharma in a research report on Thursday, October 15th. The Goldman Sachs Group restated a “neutral” rating and issued a $44.00 price objective on shares of Urogen Pharma in a report on Wednesday, July 15th. Finally, Guggenheim raised their price target on Urogen Pharma from $42.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.38.

Insider Activity

In other Urogen Pharma news, CFO Chris Degnan sold 2,202 shares of Urogen Pharma stock in a transaction that occurred on Thursday, October 8th. The stock was sold at an average price of $36.69, for a total value of $80,791.38. Following the transaction, the chief financial officer directly owned 4,561 shares in the company, valued at approximately $167,343.09. This trade represents a 32.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark Schoenberg sold 871 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $42.92, for a total value of $37,383.32. Following the sale, the insider owned 59,882 shares of the company’s stock, valued at $2,570,135.44. This trade represents a 1.43% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 65,269 shares of company stock valued at $3,037,646. Insiders own 4.80% of the company’s stock.

Institutional Trading of Urogen Pharma

Hedge funds and other institutional investors have recently made changes to their positions in the company. CenterBook Partners LP purchased a new position in Urogen Pharma during the third quarter worth about $642,000. Calamos Advisors LLC purchased a new stake in shares of Urogen Pharma during the 3rd quarter worth approximately $246,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Urogen Pharma in the 3rd quarter worth approximately $101,000. State of Wyoming grew its holdings in shares of Urogen Pharma by 773.4% in the 3rd quarter. State of Wyoming now owns 4,629 shares of the company’s stock worth $188,000 after acquiring an additional 4,099 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its stake in Urogen Pharma by 15.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 8,919 shares of the company’s stock valued at $361,000 after purchasing an additional 1,165 shares in the last quarter. Hedge funds and other institutional investors own 91.29% of the company’s stock.

Urogen Pharma Trading Down 14.7%

The firm has a 50 day moving average of $39.96 and a two-hundred day moving average of $31.42. The stock has a market capitalization of $1.43 billion, a PE ratio of -14.36 and a beta of 1.68.

About Urogen Pharma

UroGen Pharma Ltd. (NASDAQ: URGN) is a biopharmaceutical company focused on developing and commercializing treatments for cancers of the urinary tract. The company’s therapies are designed to deliver medicines directly to the affected area, with the goal of improving drug exposure while limiting systemic side effects.

UroGen’s primary commercial product is Jelmyto, a mitomycin-based treatment approved in the United States for adults with low-grade upper tract urothelial cancer. Jelmyto uses UroGen’s proprietary RTGel technology, which forms a gel in the urinary tract and enables the sustained local release of mitomycin.

The company has also developed UGN-102, an investigational mitomycin-based reverse thermal gel intended for the treatment of low-grade, intermediate-risk non-muscle-invasive bladder cancer.