UroGen Pharma (URGN) shares are in focus after the company reported that its bladder cancer therapy ZUSDURI now has a permanent J code (J9282), effective January 1, 2026, simplifying reimbursement.

The J code news comes after a strong run for UroGen Pharma, with a 90 day share price return of 24.06% and a 1 year total shareholder return of 116.01%, signaling that momentum has been building rather than fading.

If this kind of healthcare access story interests you, it could be a good moment to look across other healthcare stocks for additional ideas in the same space.

With UroGen Pharma trading at US$21.45 against an analyst price target of US$35.25 and screens assigning it a modest value score of 4, you have to ask: is there still upside here, or is the market already pricing in future growth?

Most Popular Narrative: 39.1% Undervalued

With UroGen Pharma closing at US$21.45 against a narrative fair value of US$35.25, the current price sits well below that implied estimate. This puts more attention on what would need to go right to close that gap.

The shift toward minimally invasive, office-based therapies (away from repeated surgeries) and demonstrated long-term durability data for ZUSDURI directly align with industry-wide transitions in care standards. This supports broader market penetration and the company's ability to command premium pricing, which may improve future net margins and profitability.

Want to see what kind of revenue ramp and margin shift would be consistent with that valuation gap? The narrative focuses on strong top line growth and a significantly different earnings profile a few years out. Curious which parts of the income statement carry most of the load in that fair value math?

Result: Fair Value of $35.25 (UNDERVALUED)

However, you still need to weigh heavy operating losses and potential equity dilution against execution risk if ZUSDURI uptake or broader payer access falls short.

Build Your Own UroGen Pharma Narrative

If you look at the numbers and reach a different conclusion, or simply prefer to test your own assumptions, you can build a full narrative yourself in just a few minutes: Do it your way

A great starting point for your UroGen Pharma research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.