CG Oncology (NASDAQ:CGON) Receives "Buy" Rating from 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.

HC Wainwright restated their buy rating on shares of CG Oncology (NASDAQ:CGON - Free Report) in a research report released on Monday morning,Benzinga reports. HC Wainwright currently has a $75.00 price objective on the stock.

CGON has been the topic of a number of other research reports. Piper Sandler started coverage on CG Oncology in a report on Monday, August 18th. They issued an "overweight" rating and a $55.00 target price on the stock. Royal Bank Of Canada reduced their price objective on CG Oncology from $68.00 to $53.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley increased their target price on shares of CG Oncology from $52.00 to $56.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. The Goldman Sachs Group raised shares of CG Oncology to a "strong-buy" rating and set a $40.00 price target on the stock in a research report on Thursday, July 10th. Finally, Wall Street Zen cut shares of CG Oncology from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $56.00.

CG Oncology Stock Performance

CG Oncology stock traded down $2.11 during trading on Monday, hitting $36.71. The company's stock had a trading volume of 490,958 shares, compared to its average volume of 997,048. The stock's fifty day moving average is $28.01 and its 200 day moving average is $25.86. CG Oncology has a 1-year low of $14.80 and a 1-year high of $40.47. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of -20.74 and a beta of 0.87.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. On average, research analysts anticipate that CG Oncology will post -1.31 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Leonard E. Post sold 2,000 shares of the business's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $28.00, for a total transaction of $56,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Leonard E. Post sold 1,000 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $35.10, for a total transaction of $35,100.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 130,015 shares of company stock worth $3,722,883. Corporate insiders own 7.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CGON. Tower Research Capital LLC TRC grew its position in CG Oncology by 159.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,982 shares of the company's stock worth $182,000 after purchasing an additional 4,288 shares during the last quarter. E Fund Management Co. Ltd. acquired a new position in shares of CG Oncology during the second quarter worth approximately $232,000. Rafferty Asset Management LLC grew its holdings in CG Oncology by 12.3% in the 2nd quarter. Rafferty Asset Management LLC now owns 80,228 shares of the company's stock worth $2,086,000 after buying an additional 8,802 shares in the last quarter. Rosalind Advisors Inc. acquired a new stake in CG Oncology in the 2nd quarter valued at approximately $5,017,000. Finally, Opaleye Management Inc. raised its stake in CG Oncology by 62.2% during the 2nd quarter. Opaleye Management Inc. now owns 266,000 shares of the company's stock valued at $6,916,000 after acquiring an additional 102,012 shares in the last quarter. 26.56% of the stock is owned by institutional investors and hedge funds.

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.