CG Oncology (NASDAQ:CGON) Earns Buy Rating from Analysts at Jones Trading

Key Points

• Jones Trading has initiated coverage on CG Oncology (NASDAQ:CGON), giving it a "buy" rating with a target price of $50.00, indicating a potential upside of nearly 48% from its previous close.
• Analysts have varied outlooks, with Piper Sandler setting a target of $55.00 and Cantor Fitzgerald suggesting a target of $75.00, contributing to an average target price consensus of $53.91 among analysts.
• Recent trading activity shows CG Oncology's stock trading up 2.2% to approximately $33.79, with notable institutional buying activity noted in recent months.

Jones Trading started coverage on shares of CG Oncology (NASDAQ:CGON - Free Report) in a report released on Monday morning, MarketBeat reports. The brokerage issued a buy rating and a $50.00 price objective on the stock.

A number of other analysts also recently weighed in on CGON. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $75.00 target price on shares of CG Oncology in a research report on Monday, September 8th. Zacks Research raised shares of CG Oncology from a "strong sell" rating to a "hold" rating in a research report on Monday, September 1st. HC Wainwright reaffirmed a "buy" rating and issued a $75.00 target price on shares of CG Oncology in a research report on Friday, September 5th. Wall Street Zen cut shares of CG Oncology from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, Royal Bank Of Canada dropped their price target on shares of CG Oncology from $68.00 to $53.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, CG Oncology has an average rating of "Moderate Buy" and an average price target of $53.91.

CG Oncology Stock Up 0.5%

Shares of NASDAQ:CGON traded up $0.18 during midday trading on Monday, reaching $33.34. The company's stock had a trading volume of 1,398,940 shares, compared to its average volume of 823,360. The firm has a 50 day moving average of $27.20 and a 200-day moving average of $25.54. The firm has a market capitalization of $2.54 billion, a P/E ratio of -18.84 and a beta of 0.87. CG Oncology has a 12-month low of $14.80 and a 12-month high of $40.47.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.54) earnings per share for the quarter, missing analysts' consensus estimates 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 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 James Mulay sold 27,015 shares of the company's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $31.53, for a total transaction of $851,782.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Leonard E. Post sold 2,000 shares of the company'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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,015 shares of company stock worth $3,687,783. Company insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On CG Oncology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. lifted its stake in CG Oncology by 15.0% during the 2nd quarter. Alliancebernstein L.P. now owns 2,164,214 shares of the company's stock valued at $56,270,000 after acquiring an additional 281,637 shares during the period. Wellington Management Group LLP lifted its stake in CG Oncology by 11.2% during the 1st quarter. Wellington Management Group LLP now owns 2,125,208 shares of the company's stock valued at $52,046,000 after acquiring an additional 214,738 shares during the period. Bank of America Corp DE lifted its stake in shares of CG Oncology by 409.9% in the 2nd quarter. Bank of America Corp DE now owns 1,736,769 shares of the company's stock worth $45,156,000 after purchasing an additional 1,396,170 shares during the period. RTW Investments LP lifted its stake in shares of CG Oncology by 26.6% in the 4th quarter. RTW Investments LP now owns 1,701,216 shares of the company's stock worth $48,791,000 after purchasing an additional 357,142 shares during the period. Finally, Franklin Resources Inc. lifted its stake in shares of CG Oncology by 12.7% in the 2nd quarter. Franklin Resources Inc. now owns 1,486,839 shares of the company's stock worth $38,658,000 after purchasing an additional 167,905 shares during the period. Institutional investors 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.