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Investing.com - TD Cowen has reiterated its Buy rating and $35.00 price target on UroGen Pharma (NASDAQ:URGN), citing the company’s promising early launch of Zusduri for low-grade/intermediate-risk non-muscle invasive bladder cancer (LG/IR NMIBC). The target represents significant upside potential from the current price of $19.68, with analyst targets ranging from $16 to $41.
The firm noted that the Zusduri launch is "progressing ahead of expectations" as clinical conviction has not been a barrier to adoption. Several hundred treatment sites have already been activated since the product’s introduction. The company’s impressive 88.54% gross profit margin and strong recent performance, with shares up 86.72% over the past six months, suggest growing market confidence in the treatment’s potential.
TD Cowen highlighted that reimbursement is now established for 84% of covered lives, with the company’s hub actively verifying benefits for patients. This broad reimbursement coverage appears to be supporting the early commercial rollout. InvestingPro analysis reveals additional insights about URGN’s financial health and growth prospects, with 12+ exclusive ProTips available to subscribers.
UroGen management has expressed comfort with the 2025 consensus revenue estimate of $30 million for Zusduri, according to the research note.
The firm projects that 2026 should see "fewer barriers" for the treatment, with a permanent J code expected to be in place, leading to what TD Cowen describes as a "more robust inflection" in sales performance.
In other recent news, UroGen Pharma reported its second-quarter 2025 earnings, with net product revenues reaching $24.2 million, marking an 11% increase year-over-year. This figure surpassed the forecasted $23.13 million, although the company experienced a net loss of $1.50 per share, which was larger than the anticipated loss of $0.83 per share. Following these earnings, H.C. Wainwright adjusted its price target for UroGen Pharma to $40, down from $50, while maintaining a Buy rating. The firm noted that the revenue fell short of its expectations but highlighted the growth of JELMYTO, a treatment for upper tract urothelial carcinoma.
Additionally, Guggenheim raised its price target for UroGen Pharma to $32 from $30, also maintaining a Buy rating. This adjustment came after the approval and launch of Zusduri, a treatment for recurrent low-grade intermediate-risk non-muscle invasive bladder cancer. Guggenheim emphasized the potential of Zusduri in a $5 billion U.S. market, with expectations of achieving over $1 billion in peak sales. These developments reflect the company’s strategic focus on expanding its product portfolio and market presence.
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