Morgan Stanley Forecasts Strong Price Appreciation for CG Oncology (NASDAQ:CGON) Stock

CG Oncology (NASDAQ:CGON - Get Free Report) had its price objective boosted by equities researchers at Morgan Stanley from $52.00 to $56.00 in a report released on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's price objective points to a potential upside of 119.18% from the stock's previous close.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. began coverage on shares of CG Oncology in a report on Friday, May 2nd. They issued an "overweight" rating and a $41.00 target price on the stock. Scotiabank started coverage on CG Oncology in a research note on Wednesday, April 16th. They issued a "sector perform" rating and a $23.00 price objective on the stock. HC Wainwright reaffirmed a "buy" rating and set a $75.00 target price on shares of CG Oncology in a research note on Monday, April 28th. Cantor Fitzgerald reissued an "overweight" rating and issued a $75.00 price target on shares of CG Oncology in a research note on Monday, April 28th. Finally, Royal Bank Of Canada increased their price target on CG Oncology from $66.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $58.67.

CG Oncology Stock Performance

Shares of CGON traded down $0.73 during mid-day trading on Tuesday, reaching $25.55. 987,475 shares of the company were exchanged, compared to its average volume of 842,217. The business has a 50 day simple moving average of $24.75 and a two-hundred day simple moving average of $26.64. The stock has a market capitalization of $1.95 billion, a PE ratio of -16.92 and a beta of 0.86. CG Oncology has a 52 week low of $14.80 and a 52 week high of $40.47.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its quarterly earnings results 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). CG Oncology had a negative return on equity of 16.71% and a negative net margin of 15,945.17%. The firm had revenue of $0.05 million for the quarter, compared to the consensus estimate of $0.53 million. On average, analysts predict that CG Oncology will post -1.31 EPS for the current year.

Insider Buying and Selling at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the company's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $30.76, for a total transaction of $30,760.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 7.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in CG Oncology by 15.3% in the 4th quarter. Vanguard Group Inc. now owns 5,861,082 shares of the company's stock valued at $168,096,000 after acquiring an additional 779,730 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of CG Oncology by 16.7% in the fourth quarter. New York State Common Retirement Fund now owns 13,996 shares of the company's stock worth $401,000 after purchasing an additional 2,000 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of CG Oncology by 45.3% in the fourth quarter. Wells Fargo & Company MN now owns 28,234 shares of the company's stock valued at $810,000 after purchasing an additional 8,803 shares in the last quarter. Swiss National Bank boosted its position in shares of CG Oncology by 144.2% during the fourth quarter. Swiss National Bank now owns 79,600 shares of the company's stock valued at $2,283,000 after buying an additional 47,000 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of CG Oncology by 443.5% during the fourth quarter. JPMorgan Chase & Co. now owns 168,866 shares of the company's stock valued at $4,843,000 after buying an additional 137,795 shares during the last quarter. 26.56% of the stock is currently owned by institutional investors and hedge funds.

CG Oncology Company Profile

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.