Truist Financial Reiterates "Buy" Rating for CG Oncology (NASDAQ:CGON)

Key Points

• Truist Financial reiterated a Buy rating on CG Oncology and raised its price target to $77 from $75, implying about 9% upside from the prior close.
• Analyst sentiment is generally positive overall: CG Oncology has 11 Buy ratings, one Hold, and one Sell, with a consensus Moderate Buy and an average price target of $80.64.
• The stock was up 1.5% to $70.63 in midday trading, but the company recently reported a loss of $0.71 per share for the quarter, wider than expected despite revenue topping estimates.

CG Oncology (NASDAQ:CGON - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Truist Financial in a note issued to investors on Monday,Benzinga reports. They currently have a $77.00 target price on the stock, up from their previous target price of $75.00. Truist Financial's price objective points to a potential upside of 9.02% from the company's previous close.

CGON has been the subject of several other reports. Weiss Ratings reissued a "sell (d-)" rating on shares of CG Oncology in a report on Monday, April 20th. Wall Street Zen lowered shares of CG Oncology from a "hold" rating to a "sell" rating in a report on Saturday, April 25th. HC Wainwright increased their target price on shares of CG Oncology from $80.00 to $100.00 and gave the stock a "buy" rating in a report on Tuesday, April 7th. JPMorgan Chase & Co. upped their price target on CG Oncology from $65.00 to $91.00 and gave the stock an "overweight" rating in a research note on Friday, April 17th. Finally, Wedbush upped their price target on CG Oncology from $77.00 to $80.00 and gave the stock an "outperform" rating in a research note on Monday. Eleven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, CG Oncology presently has a consensus rating of "Moderate Buy" and an average price target of $80.64.

CG Oncology Trading Up 1.5%

CG Oncology stock traded up $1.01 during midday trading on Monday, hitting $70.63. The stock had a trading volume of 62,539 shares, compared to its average volume of 1,223,123. The firm's fifty day moving average is $65.66 and its two-hundred day moving average is $52.87. The company has a market capitalization of $6.22 billion, a PE ratio of -30.39 and a beta of 0.41. CG Oncology has a 52-week low of $23.32 and a 52-week high of $73.56.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its earnings results on Friday, May 8th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.13). The company had revenue of $1.08 million for the quarter, compared to the consensus estimate of $0.45 million. As a group, equities research analysts predict that CG Oncology will post -2.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CG Oncology news, Director James Mulay sold 15,600 shares of the company's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $73.01, for a total value of $1,138,956.00. Following the completion of the transaction, the director directly owned 15,600 shares in the company, valued at $1,138,956. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 4.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. bought a new position in shares of CG Oncology during the 4th quarter valued at approximately $27,000. NFSG Corp bought a new position in shares of CG Oncology during the 1st quarter valued at approximately $34,000. Strengthening Families & Communities LLC bought a new position in shares of CG Oncology during the 3rd quarter valued at approximately $40,000. Comerica Bank boosted its position in shares of CG Oncology by 100.4% during the 4th quarter. Comerica Bank now owns 1,028 shares of the company's stock valued at $43,000 after acquiring an additional 515 shares during the last quarter. Finally, Fifth Third Bancorp bought a new position in shares of CG Oncology during the 1st quarter valued at approximately $74,000. 26.56% of the stock is currently owned by institutional investors.

CG Oncology Company Profile

CG Oncology, Inc NASDAQ: CGON is a clinical-stage biopharmaceutical company focused on the discovery and development of novel antibody-based immunotherapies for the treatment of solid tumor cancers. The company leverages a platform-driven approach to identify and optimize antibody candidates that engage key immune checkpoints and co-stimulatory pathways within the tumor microenvironment. Its pipeline encompasses multiple preclinical programs alongside early-phase clinical trials designed to assess safety, dosing and preliminary anti-tumor activity.

Headquartered in South San Francisco, California, CG Oncology conducts clinical research primarily in the United States, collaborating with leading academic medical centers and contract research organizations to advance its lead candidates.

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