Urogen Pharma

URGN · NASDAQ

$35.01−$0.39 (−1.10%)TodayMarket closed · Oct 21, 4:02 AM ET

Prev close $35.40

URGN analyst rating

BuyConsensus of 6 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy6
Hold0
Underperform0
Sell0

12-month price target · 10 analysts

Average $61.20 (+74.8% upside)

Low: $48.48
Now: $35.01
High: $78.75

Upgrades and downgrades

The latest rating actions, newest first

URGN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Oct 19, 2026	Maintains	Buy	$75.00	43%
Guggenheim	Aug 6, 2026	Maintains	Buy	$42.00 → $58.00	54%
HC Wainwright & Co.	Aug 6, 2026	Maintains	Buy	$45.00 → $75.00	43%
TD Cowen	Aug 5, 2026	Maintains	Buy	$50.00 → $60.00	38%
Guggenheim	Jul 21, 2026	Maintains	Buy	$32.00 → $42.00	46%
Oppenheimer	Jul 16, 2026	Maintains	Outperform → Outperformer	$40.00 → $50.00	45%
HC Wainwright & Co.	Jun 3, 2026	Maintains	Buy	$45.00	43%
HC Wainwright & Co.	May 18, 2026	Maintains	Buy	$45.00	43%
HC Wainwright & Co.	May 11, 2026	Maintains	Buy	$40.00 → $45.00	43%
Oppenheimer	May 7, 2026	Maintains	Outperform	$34.00 → $40.00	45%

The case for and against

Updated Oct 21, 2026

Bull case

UroGen Pharma is viewed positively because ZUSDURI is demonstrating a strong commercial ramp, with 2Q26 net sales of $50.4M, 73% quarter-over-quarter growth, 1,444 activated sites of care, and 452 unique prescribers, suggesting deepening physician adoption and expanding reach in the large community-practice market. Its investment case is further strengthened by durable clinical data, including a 36-month duration of response of 64.5% and a 79.6% complete response rate in ENVISION, plus strong balance-sheet support with $108M in cash, cash equivalents and marketable securities at the midpoint of 2026. The outlook also benefits from a compelling life-cycle strategy: FDA acceptance of the UGN-103 NDA with a June 14, 2027 PDUFA date, potential protection into late 2041 or July 2044, and additional upside from UGN-104 and UGN-501.

Bear case

UroGen Pharma is viewed negatively because its value is highly dependent on a narrow set of marketed and late-stage assets, while its business still faces meaningful competitive, pricing, and uptake risk in the U.S. market. Even with modeled FY26 product sales of $314M, the investment case is vulnerable to setbacks in extending exclusivity through UGN-103 and UGN-104, clinical failures in the pipeline, and dilution risk from future financing. The reliance on an 11.5% discount rate, a 2.5% terminal decline, and projected cash and debt positions as of mid-2027 underscores a fragile long-term setup if commercialization or regulatory execution falls short.

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