Shares of UroGen Pharma Ltd. (NAS:URGN) gained 10.7% in premarket trading on Thursday after the Food and Drug Administration approved the company's urothelial cancer treatment the night before. The therapy, Jelmyto, allows patients to undergo treatment for this type of rare cancer without surgery, the company said. "This novel, minimally invasive, kidney-sparing treatment has the potential to transform the way low-grade upper tract urothelial cancer is treated," Dr. Seth Lerner, principal investigator of the treatment's Phase 3 trial, said in a news release. "We believe a non-surgical option such as Jelmyto is meaningfully differentiated," Stifel analysts told investors on Thursday, though they noted that it's still unclear how the company will approach a commercial launch strategy during the COVID-19 pandemic. UroGen's stock has tumbled 36.9% year-to-date, while the SPDR S&P Biotech Exchange-Traded Fund (PSE:XBI) is down 11.2%.
April 16, 2020, 10:38 a.m. EDT