UroGen Pharma price target raised to $40 from $32 at Oppenheimer

Oppenheimer analyst Leland Gershell raised the firm’s price target on UroGen Pharma to $40 from $32 and keeps an Outperform rating on the shares. The company reported a “superb” 82.3% rate of 12-month duration of response for UGN-102 from the Phase 3 ENVISION study in low-grade intermediate-risk non-muscle invasive bladder cancer, the analyst tells investors in a research note. The firm believes the results not only strengthen UGN-102’s application for FDA approval, but also solidify the product candidate’s prospects as the first approved, noninvasive option for a cancer with high recurrence in which surgical removal of bladder tumors is the standard of care. It thinks the stock offers further upside beyond yesterday’s rally.