Royal Bank Of Canada Issues Pessimistic Forecast for CG Oncology (NASDAQ:CGON) Stock Price

CG Oncology (NASDAQ:CGON - Get Free Report) had its price objective dropped by investment analysts at Royal Bank Of Canada from $68.00 to $53.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's target price suggests a potential upside of 103.22% from the stock's current price.

Several other equities analysts also recently issued reports on CGON. HC Wainwright reiterated a "buy" rating and set a $75.00 price objective on shares of CG Oncology in a research report on Monday, April 28th. Morgan Stanley boosted their price objective on CG Oncology from $52.00 to $56.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Wall Street Zen upgraded CG Oncology from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. The Goldman Sachs Group upgraded CG Oncology to a "strong-buy" rating and set a $40.00 target price for the company in a research report on Thursday, July 10th. Finally, Scotiabank began coverage on CG Oncology in a research report on Wednesday, April 16th. They issued a "sector perform" rating and a $23.00 target price for the company. Two analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, CG Oncology has an average rating of "Buy" and an average target price of $55.30.

CG Oncology Price Performance

Shares of NASDAQ CGON traded up $1.13 during midday trading on Wednesday, hitting $26.08. 628,134 shares of the company's stock were exchanged, compared to its average volume of 861,336. The stock's 50 day moving average price is $25.96 and its 200-day moving average price is $26.06. The firm has a market cap of $1.99 billion, a P/E ratio of -17.27 and a beta of 0.86. CG Oncology has a twelve month low of $14.80 and a twelve month high of $40.47.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.09). The business had revenue of $0.05 million for the quarter, compared to analyst estimates of $0.53 million. CG Oncology had a negative return on equity of 16.71% and a negative net margin of 15,945.17%. On average, analysts expect that CG Oncology will post -1.31 EPS for the current fiscal year.

Insider Activity at CG Oncology

In other news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $30.76, for a total transaction of $30,760.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 7.40% of the company's stock.

Institutional Investors Weigh In On CG Oncology

Institutional investors and hedge funds have recently modified their holdings of the stock. GF Fund Management CO. LTD. acquired a new stake in shares of CG Oncology during the 4th quarter valued at $41,000. CWM LLC lifted its position in shares of CG Oncology by 3,957.7% during the 1st quarter. CWM LLC now owns 2,110 shares of the company's stock valued at $52,000 after acquiring an additional 2,058 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of CG Oncology by 1,051.0% during the 1st quarter. GAMMA Investing LLC now owns 2,302 shares of the company's stock valued at $56,000 after acquiring an additional 2,102 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of CG Oncology during the 4th quarter valued at $100,000. Finally, Federated Hermes Inc. acquired a new stake in shares of CG Oncology during the 4th quarter valued at $172,000. Institutional investors and hedge funds own 26.56% of the company's stock.

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.