CG Oncology (NASDAQ:CGON) Trading 4.7% Higher Following Analyst Upgrade

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) shares shot up 4.7% during mid-day trading on Tuesday after Morgan Stanley raised their price target on the stock from $52.00 to $56.00. Morgan Stanley currently has an overweight rating on the stock. CG Oncology traded as high as $26.31 and last traded at $26.65. 213,112 shares changed hands during trading, a decline of 79% from the average session volume of 1,029,603 shares. The stock had previously closed at $25.46.

Several other analysts have also commented on the company. Scotiabank began coverage on CG Oncology in a research note on Wednesday, April 16th. They issued a "sector perform" rating and a $23.00 price target on the stock. HC Wainwright reaffirmed 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 boosted their price objective on CG Oncology from $66.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. JPMorgan Chase & Co. started coverage on CG Oncology in a research note on Friday, May 2nd. They issued an "overweight" rating and a $41.00 price objective on the stock. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $75.00 price objective on shares of CG Oncology in a research note on Monday, April 28th. One research 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 company presently has an average rating of "Buy" and an average target price of $58.67.

Insiders Place Their Bets

In other news, Director Leonard E. Post sold 1,000 shares of the company's 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 document filed with the SEC, which is accessible through the SEC website. Insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On CG Oncology

Several large investors have recently made changes to their positions in the company. Rhumbline Advisers lifted its stake in shares of CG Oncology by 8.2% during the first quarter. Rhumbline Advisers now owns 74,689 shares of the company's stock valued at $1,829,000 after acquiring an additional 5,673 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of CG Oncology by 42.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 179,363 shares of the company's stock valued at $4,393,000 after acquiring an additional 53,461 shares during the period. Woodline Partners LP lifted its stake in shares of CG Oncology by 21.5% during the first quarter. Woodline Partners LP now owns 764,357 shares of the company's stock valued at $18,719,000 after acquiring an additional 135,472 shares during the period. Millennium Management LLC lifted its stake in shares of CG Oncology by 139.4% during the first quarter. Millennium Management LLC now owns 596,056 shares of the company's stock valued at $14,597,000 after acquiring an additional 347,055 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of CG Oncology by 18.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,522 shares of the company's stock valued at $876,000 after acquiring an additional 5,442 shares during the period. Institutional investors and hedge funds own 26.56% of the company's stock.

CG Oncology Price Performance

The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -16.92 and a beta of 0.86. The firm has a 50 day moving average price of $24.87 and a 200-day moving average price of $26.58.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued 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 net margin of 15,945.17% and a negative return on equity of 16.71%. The firm had revenue of $0.05 million for the quarter, compared to analyst estimates of $0.53 million. On average, sell-side analysts expect that CG Oncology, Inc. will post -1.31 EPS for the current fiscal year.

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.