Urogen Pharma Shares Pop After Bull Note

URGN has taken back its 80-day moving average

Josh Selway

Nov 8, 2018 at 10:56 AM

URGN

Urogen Pharma Ltd (NASDAQ:URGN) is trading up 4.5% at $48.49, after Jefferies boosted its price target on the urology expert to $77 -- territory never before explored, and nearly 60% above current levels. URGN shares traded as high as $69.57 back in late May, and has struggled to regain the momentum it had early in the year. Of course, the security still boasts a 30% year-to-date lead, and has made a notable move above previous resistance from the 80-day moving average.

urgn stock price

Analysts are certainly hopeful. All six of those covering URGN have "buy" or "strong buy" ratings, and the average 12-month price target among them is $73.40. The stock will have a chance to live up to these bullish expectations soon, with the company scheduled to report earnings before the open this Monday, Nov. 12.

On the other hand, some traders have started shorting Urogen Pharma. Short interest rose by 11.7% in the last two reporting periods, and the 410,000 shares now sold short represents 7.4 times the average daily trading volume. As such, there is potential for short covering tailwinds for the equity.

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