UroGen Pharma price target raised to $35 from $32 at Oppenheimer

Oppenheimer raised the firm’s price target on UroGen Pharma to $35 from $32 and keeps an Outperform rating on the shares. The firm sees the alliance with medac GmbH announced last week as a clever move for UroGen, as the market exclusivity of the company’s non-muscle invasive bladder cancer franchise should now extend at least 4.5 years, and potentially 11, beyond January 2031 as previously anticipated. Oppenheimer views the added years of patent protection as particularly valuable given the dearth of competitive biopharma industry activity in low-grade NMIBC. It continues to anticipate that next quarter’s 12-month durability reveal from ENVISION will not disappoint and drive NDA submission this fall, setting the stage for U.S. approval and launch by mid-2025.