CG Oncology (NASDAQ:CGON) Price Target Raised to $84.00

Key Points

• Wedbush raised its CG Oncology price target from $80 to $84 and maintained an “outperform” rating, implying 12.47% upside from the prior close.
• Analyst views are mostly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $88, based on eight Buy, one Hold, and one Sell rating.
• CG Oncology reported a quarterly loss of $0.64 per share, beating estimates of a $0.83 loss, and revenue of $1.60 million versus $0.55 million expected. Shares fell 1.7% on Friday to $74.69.

CG Oncology (NASDAQ:CGON - Get Free Report) had its price target increased by equities researchers at Wedbush from $80.00 to $84.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's target price would indicate a potential upside of 12.47% from the stock's previous close.

A number of other equities analysts also recently commented on CGON. Piper Sandler increased their price objective on shares of CG Oncology from $82.00 to $85.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Royal Bank Of Canada lowered their target price on CG Oncology from $81.00 to $79.00 and set an "outperform" rating on the stock in a research report on Friday, August 7th. Wall Street Zen raised CG Oncology from a "strong sell" rating to a "sell" rating in a research report on Saturday. Weiss Ratings reiterated a "sell (d-)" rating on shares of CG Oncology in a report on Thursday, October 15th. Finally, HC Wainwright reissued a "buy" rating and set a $100.00 price target on shares of CG Oncology in a research report on Wednesday, July 29th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, CG Oncology currently has a consensus rating of "Moderate Buy" and an average price target of $88.00.

CG Oncology Stock Down 1.7%

Shares of CGON stock traded down $1.30 during trading on Friday, reaching $74.69. The company's stock had a trading volume of 117,133 shares, compared to its average volume of 1,088,448. CG Oncology has a one year low of $35.80 and a one year high of $80.97. The business has a fifty day moving average price of $68.23 and a 200-day moving average price of $66.09. The company has a market cap of $6.62 billion, a price-to-earnings ratio of -27.21 and a beta of 0.35.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its earnings results on Friday, November 6th. The company reported ($0.64) earnings per share for the quarter, beating analysts' consensus estimates of ($0.83) by $0.19. CG Oncology had a negative net margin of 3,851.09% and a negative return on equity of 24.79%. The business had revenue of $1.60 million during the quarter, compared to the consensus estimate of $0.55 million. Research analysts anticipate that CG Oncology will post -3.31 EPS for the current year.

Insider Buying and Selling at CG Oncology

In related news, Director Leonard E. Post sold 1,000 shares of the business's stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $62.06, for a total transaction of $62,060.00. Following the transaction, the director directly owned 1,000 shares in the company, valued at approximately $62,060. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 3,000 shares of company stock valued at $209,580 over the last three months. 4.80% of the stock is currently owned by company insiders.

Institutional Trading of CG Oncology

A number of large investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of CG Oncology by 4.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,728 shares of the company's stock worth $255,000 after acquiring an additional 175 shares during the last quarter. Covestor Ltd raised its stake in CG Oncology by 72.6% in the 3rd quarter. Covestor Ltd now owns 770 shares of the company's stock valued at $55,000 after acquiring an additional 324 shares during the period. GAMMA Investing LLC raised its stake in CG Oncology by 47.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,081 shares of the company's stock valued at $77,000 after acquiring an additional 350 shares during the period. Fiduciary Financial Advisors acquired a new stake in CG Oncology during the 2nd quarter valued at $28,000. Finally, NFSG Corp acquired a new stake in CG Oncology during the 1st quarter valued at $34,000. Institutional investors and hedge funds own 26.56% of the company's stock.

CG Oncology Company Profile

CG Oncology is a clinical-stage biotechnology company focused on developing treatments for bladder cancer. Based in Irvine, California, the company's research centers on therapies delivered directly into the bladder.

Its lead investigational therapy, cretostimogene grenadenorepvec (formerly CG0070), is an oncolytic immunotherapy being developed for non-muscle-invasive bladder cancer, including disease that has not responded to Bacillus Calmette-Guérin (BCG) treatment. The modified virus is designed to target cancer cells and stimulate an immune response.

CG Oncology has no approved commercial products.

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