Oppenheimer has reiterated an Outperform rating and $40 price target on UroGen Pharma (NASDAQ:URGN) after the company's investor event. The stock trades at $28.58, offering significant upside.
The event reinforced the commercial thesis for Zusduri in LG-IR-NMIBC, with physicians describing it as a potential paradigm shift from repeated surgeries to office-based chemoablation.
Oppenheimer noted strong physician enthusiasm for broad use, easy operational integration, and patient-friendly profile. Zusduri is first-to-market, requires no biomarker testing, and has a finite six-dose treatment course.
UroGen reported Q1 2026 earnings of -$0.47 per share (beat estimate of -$0.50) and revenue of $51 million (beat estimate of $44.46 million).
The Phase 3 ENVISION trial showed a 64.5% event-free rate at three years for complete responders. The UTOPIA trial demonstrated 94.5% durability of response at six months for UGN-103.
