CG Oncology (NASDAQ:CGON) Given Buy Rating at HC Wainwright

Key Points

• CG Oncology's stock has been reissued a buy rating by HC Wainwright, with a target price of $75.00, indicating a potential upside of nearly 125% from its previous close.
• The company's quarterly earnings report showed a miss in expectations, reporting ($0.54) earnings per share compared to consensus estimates of ($0.49).
• Insider trading activity includes a significant sale by Director Hong Fang Song of 100,000 shares valued at approximately $2.78 million, reflecting a 3.33% decrease in ownership.

CG Oncology (NASDAQ:CGON - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at HC Wainwright in a report issued on Monday,Benzinga reports. They currently have a $75.00 target price on the stock. HC Wainwright's price objective would suggest a potential upside of 124.96% from the stock's previous close.

Other equities research analysts also recently issued research reports about the stock. The Goldman Sachs Group raised shares of CG Oncology to a "strong-buy" rating and set a $40.00 target price for the company in a research note on Thursday, July 10th. Wall Street Zen cut shares of CG Oncology from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Zacks Research upgraded shares of CG Oncology from a "strong sell" rating to a "hold" rating in a report on Monday, September 1st. Royal Bank Of Canada reduced their price target on shares of CG Oncology from $68.00 to $53.00 and set an "outperform" rating for the company in a report on Wednesday, July 16th. Finally, Jones Trading started coverage on shares of CG Oncology in a report on Monday, September 8th. They set a "buy" rating and a $50.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $53.91.

CG Oncology Price Performance

CGON opened at $33.34 on Monday. The company has a market cap of $2.54 billion, a price-to-earnings ratio of -18.84 and a beta of 0.87. The firm has a 50 day simple moving average of $27.20 and a 200 day simple moving average of $25.55. CG Oncology has a fifty-two week low of $14.80 and a fifty-two week high of $40.47.

CG Oncology (NASDAQ:CGON - Get Free Report) last posted its quarterly earnings results on Friday, August 8th. The company reported ($0.54) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.05). CG Oncology had a negative return on equity of 19.37% and a negative net margin of 15,945.17%. As a group, analysts expect that CG Oncology will post -1.31 EPS for the current year.

Insider Activity

In related news, Director Hong Fang Song sold 100,000 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $27.80, for a total transaction of $2,780,000.00. Following the transaction, the director directly owned 2,903,931 shares of the company's stock, valued at approximately $80,729,281.80. This trade represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leonard E. Post sold 2,000 shares of the firm's stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $28.00, for a total transaction of $56,000.00. The disclosure for this sale can be found here. Insiders have sold 129,015 shares of company stock valued at $3,687,783 over the last ninety days.

Hedge Funds Weigh In On CG Oncology

A number of hedge funds have recently bought and sold shares of the business. GF Fund Management CO. LTD. bought a new position in CG Oncology in the 4th quarter valued at about $41,000. Winthrop Capital Management LLC bought a new position in CG Oncology in the 2nd quarter valued at about $38,000. CWM LLC increased its holdings in CG Oncology by 3,957.7% in the 1st quarter. CWM LLC now owns 2,110 shares of the company's stock valued at $52,000 after buying an additional 2,058 shares during the period. GAMMA Investing LLC increased its holdings in CG Oncology by 1,051.0% in the 1st quarter. GAMMA Investing LLC now owns 2,302 shares of the company's stock valued at $56,000 after buying an additional 2,102 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in CG Oncology by 15.6% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,945 shares of the company's stock valued at $77,000 after buying an additional 398 shares during the period. 26.56% of the stock is 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.

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