The Goldman Sachs Group Initiates Coverage on CG Oncology (NASDAQ:CGON)

The Goldman Sachs Group began coverage on shares of CG Oncology (NASDAQ:CGON - Get Free Report) in a research note issued on Thursday. The firm set a "buy" rating and a $40.00 price target on the stock. The Goldman Sachs Group's target price indicates a potential upside of 49.73% from the stock's previous close.

Other research analysts also recently issued research reports about the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $75.00 target price on shares of CG Oncology in a research report on Monday, April 28th. Scotiabank initiated coverage on shares of CG Oncology in a research report on Wednesday, April 16th. They issued a "sector perform" rating and a $23.00 price objective for the company. JPMorgan Chase & Co. initiated coverage on shares of CG Oncology in a research report on Friday, May 2nd. They issued an "overweight" rating and a $41.00 price objective for the company. HC Wainwright restated a "buy" rating and set a $75.00 price objective on shares of CG Oncology in a report on Monday, April 28th. Finally, 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 report on Tuesday, April 29th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, CG Oncology currently has an average rating of "Moderate Buy" and a consensus price target of $56.80.

CG Oncology Stock Performance

Shares of NASDAQ:CGON traded down $0.33 on Thursday, hitting $26.72. 27,777 shares of the company were exchanged, compared to its average volume of 851,863. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of -17.73 and a beta of 0.86. The company's 50 day moving average price is $25.92 and its two-hundred day moving average price is $26.15. CG Oncology has a one year low of $14.80 and a one year high of $40.47.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.45) earnings per share 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. Research analysts predict that CG Oncology will post -1.31 earnings per share for the current year.

Insider Activity

In related news, Director Leonard E. Post sold 1,000 shares of the firm's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $30.76, for a total value of $30,760.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 7.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Wesbanco Bank Inc. acquired a new stake in CG Oncology in the 2nd quarter worth approximately $702,000. Rhumbline Advisers increased its holdings in shares of CG Oncology by 8.2% during the 1st quarter. Rhumbline Advisers now owns 74,689 shares of the company's stock valued at $1,829,000 after purchasing an additional 5,673 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of CG Oncology by 42.5% during the 1st 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 purchasing an additional 53,461 shares in the last quarter. Woodline Partners LP increased its holdings in shares of CG Oncology by 21.5% during the 1st quarter. Woodline Partners LP now owns 764,357 shares of the company's stock valued at $18,719,000 after purchasing an additional 135,472 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of CG Oncology by 139.4% during the 1st quarter. Millennium Management LLC now owns 596,056 shares of the company's stock valued at $14,597,000 after purchasing an additional 347,055 shares in the last quarter. Hedge funds and other 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.

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