JPMorgan Chase & Co. Issues Positive Forecast for CG Oncology (NASDAQ:CGON) Stock Price

Key Points

• JPMorgan Chase & Co. has increased its target price for CG Oncology from $41.00 to $47.00, indicating a potential upside of 28.84% from the stock's current price.
• Other analysts have rated CG Oncology with various target prices: HC Wainwright at $75.00, Royal Bank of Canada at $53.00, and Cantor Fitzgerald at $75.00, while Wall Street Zen downgraded it to a "sell" rating.
• CG Oncology's recent quarterly earnings showed a loss of ($0.54) per share, missing consensus estimates, and the company has a market capitalization of $2.78 billion.

CG Oncology (NASDAQ:CGON - Get Free Report) had its target price increased by analysts at JPMorgan Chase & Co. from $41.00 to $47.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 28.84% from the stock's current price.

A number of other research firms have also recently weighed in on CGON. HC Wainwright reaffirmed a "buy" rating and set a $75.00 price target on shares of CG Oncology in a research note on Monday, September 15th. Royal Bank Of Canada decreased their price objective on shares of CG Oncology from $68.00 to $53.00 and set an "outperform" rating on the stock in a report on Wednesday, July 16th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $75.00 target price on shares of CG Oncology in a report on Monday, September 8th. Piper Sandler started coverage on shares of CG Oncology in a research report on Monday, August 18th. They set an "overweight" rating and a $55.00 price target for the company. Finally, Wall Street Zen downgraded CG Oncology from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $56.55.

CG Oncology Trading Down 0.5%

Shares of CGON stock opened at $36.48 on Friday. The stock has a 50 day simple moving average of $29.04 and a 200-day simple moving average of $26.22. The company has a market cap of $2.78 billion, a price-to-earnings ratio of -20.61 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 posted its quarterly 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 net margin of 15,945.17% and a negative return on equity of 19.37%. On average, equities analysts forecast that CG Oncology will post -1.31 earnings per share for the current fiscal year.

Insider Transactions at CG Oncology

In other CG Oncology news, Director Brian Guan-Chyun Liu purchased 1,515,151 shares of the business's stock in a transaction on Thursday, September 11th. The stock was bought at an average cost of $33.00 per share, for a total transaction of $49,999,983.00. Following the acquisition, the director owned 1,515,151 shares of the company's stock, valued at approximately $49,999,983. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James Mulay sold 27,015 shares of the firm's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $31.53, for a total value of $851,782.95. The disclosure for this sale can be found here. Insiders have sold a total of 152,701 shares of company stock worth $4,607,792 in the last ninety days. Company insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On CG Oncology

Large investors have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. grew its holdings in CG Oncology by 70.2% in the 4th quarter. Ameriprise Financial Inc. now owns 21,946 shares of the company's stock valued at $629,000 after buying an additional 9,051 shares during the period. Squarepoint Ops LLC purchased a new stake in CG Oncology in the fourth quarter valued at approximately $313,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in CG Oncology by 496.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 125,902 shares of the company's stock valued at $3,611,000 after purchasing an additional 104,780 shares during the period. California State Teachers Retirement System increased its position in CG Oncology by 115.3% during the fourth quarter. California State Teachers Retirement System now owns 38,768 shares of the company's stock worth $1,112,000 after purchasing an additional 20,763 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in CG Oncology by 274.4% during the fourth quarter. Wellington Management Group LLP now owns 1,910,470 shares of the company's stock worth $54,792,000 after purchasing an additional 1,400,251 shares during the period. 26.56% of the stock is currently owned by hedge funds and other institutional investors.

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.

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