CG Oncology (NASDAQ:CGON) Price Target Raised to $56.00 at Morgan Stanley

CG Oncology (NASDAQ:CGON - Get Free Report) had its target price boosted by investment analysts at Morgan Stanley from $52.00 to $56.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's target price would suggest a potential upside of 113.25% from the stock's current price.

A number of other brokerages have also commented on CGON. Cantor Fitzgerald reiterated an "overweight" rating and issued a $75.00 price target on shares of CG Oncology in a research note on Monday, April 28th. HC Wainwright restated a "buy" rating and issued a $75.00 price target on shares of CG Oncology in a research note on Monday, April 28th. Royal Bank of Canada upped their price objective on CG Oncology from $66.00 to $68.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Scotiabank initiated coverage on CG Oncology in a report on Wednesday, April 16th. They issued a "sector perform" rating and a $23.00 target price on the stock. Finally, JPMorgan Chase & Co. started coverage on CG Oncology in a research note on Friday, May 2nd. They set an "overweight" rating and a $41.00 price target for the company. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $58.67.

CG Oncology Stock Performance

Shares of CGON traded up $0.80 during mid-day trading on Tuesday, reaching $26.26. The company had a trading volume of 271,527 shares, compared to its average volume of 1,031,295. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of -17.39 and a beta of 0.86. The firm has a 50-day moving average price of $24.23 and a 200 day moving average price of $26.72. 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 earnings results on Tuesday, May 13th. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.36) by ($0.09). CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. The company had revenue of $0.05 million during the quarter, compared to the consensus estimate of $0.53 million. As a group, research analysts forecast that CG Oncology will post -1.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction that occurred 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 legal filing with the SEC, which is available at this hyperlink. 7.40% of the stock is currently owned by insiders.

Institutional Trading of CG Oncology

A number of institutional investors and hedge funds have recently bought and sold shares of CGON. GF Fund Management CO. LTD. purchased a new position in shares of CG Oncology during the fourth quarter valued at about $41,000. CWM LLC grew its holdings in 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 buying an additional 2,058 shares in the last quarter. GAMMA Investing LLC grew its holdings in 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 buying an additional 2,102 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in CG Oncology in the 4th quarter worth approximately $100,000. Finally, Federated Hermes Inc. purchased a new stake in shares of CG Oncology during the 4th quarter worth approximately $172,000. 26.56% of the stock is currently 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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