CG Oncology (NASDAQ:CGON) Receives “Buy” Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of CG Oncology (NASDAQ:CGON) in a research note issued to investors on Friday morning,Benzinga reports. HC Wainwright currently has a $75.00 price target on the stock.

Several other analysts also recently commented on the stock. Bank of America restated a “buy” rating and set a $65.00 target price on shares of CG Oncology in a report on Tuesday, October 8th. TD Cowen began coverage on shares of CG Oncology in a research report on Tuesday. They issued a “buy” rating on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $66.00 target price on shares of CG Oncology in a report on Friday, December 6th. Finally, UBS Group initiated coverage on CG Oncology in a report on Thursday, October 24th. They issued a “buy” rating and a $60.00 price target on the stock. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $63.88.

CG Oncology Price Performance

Shares of CGON stock opened at $30.20 on Friday. CG Oncology has a 12-month low of $25.77 and a 12-month high of $50.23. The firm has a fifty day moving average of $32.56 and a 200-day moving average of $34.23.

CG Oncology (NASDAQ:CGON) last posted its earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.06. The firm had revenue of $0.04 million during the quarter, compared to analysts’ expectations of $0.30 million. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. Equities analysts predict that CG Oncology will post -1.32 EPS for the current fiscal year.

Insider Activity at CG Oncology

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CGON. State Street Corp lifted its holdings in CG Oncology by 73.0% during the 3rd 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 during the last quarter. Ally Bridge Group NY LLC raised its position in shares of CG Oncology by 50.5% in the third quarter. Ally Bridge Group NY LLC now owns 263,266 shares of the company’s stock valued at $9,933,000 after purchasing an additional 88,390 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of 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 last quarter. BNP Paribas Financial Markets boosted its holdings in shares of 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 buying an additional 23,931 shares during the period. Finally, Deerfield Management Company L.P. Series C grew its stake 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 buying an additional 386,000 shares during the last quarter. 26.56% of the stock is currently owned by institutional investors.

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.