CG Oncology (NASDAQ:CGON) Stock Price Target Lowered at Guggenheim

Key Points

• Guggenheim cut its CG Oncology price target from $90 to $89 but maintained a Buy rating; the new target implies 17.17% upside from the prior close.
• Analyst opinion remains broadly positive: nine analysts rate the stock Buy, one Hold, and one Sell, giving it a Moderate Buy consensus and an average target of $88.11.
• CG Oncology reported a quarterly loss of $0.64 per share, narrower than analysts’ expected $0.83 loss, while revenue of $1.60 million exceeded the $0.55 million consensus estimate.

CG Oncology (NASDAQ:CGON - Get Free Report) had its price target dropped by equities researchers at Guggenheim from $90.00 to $89.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Guggenheim's target price points to a potential upside of 17.17% from the stock's previous close.

A number of other brokerages have also weighed in on CGON. Wall Street Zen upgraded shares of CG Oncology from a "strong sell" rating to a "sell" rating in a report on Saturday. Truist Financial upped their price objective on CG Oncology from $82.00 to $85.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Royal Bank Of Canada cut 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. Wedbush lifted their target price on CG Oncology from $80.00 to $84.00 and gave the company an "outperform" rating in a report on Friday. Finally, HC Wainwright reiterated a "buy" rating and issued a $100.00 target price on shares of CG Oncology in a report on Wednesday, July 29th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, CG Oncology currently has a consensus rating of "Moderate Buy" and a consensus price target of $88.11.

CG Oncology Stock Down 0.0%

Shares of CGON traded down $0.03 during mid-day trading on Monday, hitting $75.96. The company had a trading volume of 203,337 shares, compared to its average volume of 1,089,139. The business's 50-day simple moving average is $68.23 and its 200-day simple moving average is $66.09. CG Oncology has a 1-year low of $35.80 and a 1-year high of $80.97. The stock has a market cap of $6.73 billion, a PE ratio of -27.73 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 (EPS) 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 firm had revenue of $1.60 million during the quarter, compared to the consensus estimate of $0.55 million. On average, sell-side analysts expect that CG Oncology will post -3.31 earnings per share for the current year.

Insider Buying and Selling at CG Oncology

In other news, Director Leonard E. Post sold 1,000 shares of the company's stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $62.06, for a total value of $62,060.00. Following the completion of the sale, the director owned 1,000 shares of the company's stock, valued at $62,060. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 3,000 shares of company stock valued at $209,580 over the last ninety days. 4.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CG Oncology

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its stake in shares of CG Oncology by 4.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,728 shares of the company's stock valued at $255,000 after acquiring an additional 175 shares in the last quarter. Covestor Ltd increased its position in shares of CG Oncology by 72.6% during the third quarter. Covestor Ltd now owns 770 shares of the company's stock worth $55,000 after acquiring an additional 324 shares during the last quarter. GAMMA Investing LLC increased its position in shares of CG Oncology by 47.9% during the third quarter. GAMMA Investing LLC now owns 1,081 shares of the company's stock worth $77,000 after acquiring an additional 350 shares during the last quarter. Fiduciary Financial Advisors acquired a new position in shares of CG Oncology in the second quarter worth about $28,000. Finally, NFSG Corp acquired a new position in shares of CG Oncology in the first quarter worth about $34,000. 26.56% of the stock is currently owned by hedge funds and other institutional investors.

About CG Oncology

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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