The stock just went public in September
The shares of Urovant Sciences Ltd (NASDAQ:UROV) are up 1.9% to trade at $13.30 today, after analysts at H.C. Wainwright launched coverage with a "buy" rating. What's more, the brokerage firm set a Street-high price target of $28 for UROV, representing more than double the equity's current price -- and twice its initial public offering (IPO) price of $14. The analyst waxed optimistic on Urovant Sciences' lead product, vibegron, which treats overactive bladder -- a condition that is increasing in step with the aging U.S. population.
UROV stock went public in late September, and peaked at $14.32 on Oct. 4. The equity subsequently plummeted to a record low of $4.05 by Dec. 21, before erasing almost all of that deficit in 2019. The Wall Street freshman hasn't closed a day above that key $14 IPO price ever, though.
Although UROV has been trading just a few months, it's no stranger to upbeat analyst attention. All four brokerage firms following the shares deem it worthy of a "buy" or better rating, and the consensus 12-month price target of $24 represents expected upside of 80.5% to the security's current perch.
In conclusion, traders should keep an eye on Urovant stock's dance around the key $14 level, as a close above its IPO price could mark a psychological hurdle for investors. Meanwhile, it should be noted that UROV's lock-up period expires on March 25.