Mar. 3 at 12:56 PM
Oppenheimer⬆️
$URGN's PT to
$34 from
$31 and reiterated at an Outperform rating.
$CGON $TYRA $MRK LLY
$IBRX
Oppenheimer said—Zusduri 4Q sales of
$14M essentially matched consensus, but were nearly double our
$7.5M estimate on our pre-J code conservatism.
On its conference call, management expressed comfort with 2026 consensus (which we later clarified as ~
$125M) and reported that, in the February month, key indicators tracked above those for Jelmyto (~
$100M/yr).
Lifecycle extension development programs to both products are proceeding on pace, with UGN-103 heading toward anticipated LG-IR-NMIBC approval
next year.
The favorable fundamentals notwithstanding, shares were weak off the print—perhaps the market was looking for more current-quarter objective launch metrics beyond the narrative. In any event, we like the entry at these levels and expect Zusduri sales growth to drive outperformance. Reiterate Outperform and raise PT to
$34 (from
$31).
