Brokerages Set CG Oncology, Inc. (NASDAQ:CGON) Price Target at $63.88

Shares of CG Oncology, Inc. (NASDAQ:CGON) have been given an average rating of “Buy” by the nine brokerages that are covering the stock, MarketBeat Ratings reports. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $63.88.

Several analysts recently issued reports on CGON shares. UBS Group began coverage on CG Oncology in a research note on Thursday, October 24th. They issued a “buy” rating and a $60.00 price target for the company. Bank of America reissued a “buy” rating and issued a $65.00 target price on shares of CG Oncology in a research report on Tuesday, October 8th. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price target on shares of CG Oncology in a research report on Friday, December 6th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $66.00 target price on shares of CG Oncology in a research report on Friday, December 6th.

CG Oncology Stock Performance

NASDAQ CGON opened at $28.68 on Monday. The firm has a 50-day moving average of $33.30 and a 200-day moving average of $34.35. CG Oncology has a 52-week low of $25.77 and a 52-week high of $50.23.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.06. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. The firm had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million. As a group, sell-side analysts expect that CG Oncology will post -1.32 earnings per share for the current year.

Insider Activity at CG Oncology

In related news, Director Hong Fang Song sold 700,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $28.00, for a total value of $19,600,000.00. Following the completion of the transaction, the director now owns 3,003,931 shares of the company’s stock, valued at $84,110,068. This represents a 18.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $34.54, for a total transaction of $34,540.00. The disclosure for this sale can be found here.

Institutional Investors Weigh In On CG Oncology

Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp boosted its stake in shares of CG Oncology by 73.0% during the third quarter. State Street Corp now owns 1,700,653 shares of the company’s stock valued at $64,166,000 after purchasing an additional 717,722 shares in the last quarter. Ally Bridge Group NY LLC raised its holdings in CG Oncology by 50.5% in the 3rd quarter. Ally Bridge Group NY LLC now owns 263,266 shares of the company’s stock valued at $9,933,000 after buying an additional 88,390 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in CG Oncology by 114.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 379,664 shares of the company’s stock worth $14,325,000 after buying an additional 202,262 shares during the period. BNP Paribas Financial Markets grew its holdings in CG Oncology by 876.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 26,660 shares of the company’s stock worth $1,006,000 after acquiring an additional 23,931 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C increased its position in CG Oncology by 811.9% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 433,540 shares of the company’s stock valued at $13,687,000 after acquiring an additional 386,000 shares during the period. Institutional investors own 26.56% of the company’s stock.

About CG Oncology

CG Oncology, Inc, an oncolytic immunotherapy company, focuses on developing and commercializing backbone bladder-sparing therapeutics for patients with bladder cancer. The company develops BOND-003 for the treatment of high-risk bacillus calmette guerin (BCG)-unresponsive non-muscle invasive bladder cancer (NMIBC) patients; CORE-001 to treat cretostimogene in combination with pembrolizumab in high-risk BCG-unresponsive NMIBC patients; and CORE-002 for the treatment of cretostimogene in combination with the checkpoint inhibitor nivolumab in muscle invasive bladder cancer patients.