CG Oncology (NASDAQ:CGON) Price Target Raised to $56.00 at Morgan Stanley

CG Oncology (NASDAQ:CGON) had its price target upped by Morgan Stanley from $52.00 to $56.00 in a research note released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts also recently issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and set a $75.00 target price on shares of CG Oncology in a research report on Monday, April 28th. JPMorgan Chase & Co. assumed coverage on CG Oncology in a report on Friday, May 2nd. They set an “overweight” rating and a $41.00 target price for the company. Royal Bank Of Canada increased their price target on shares of CG Oncology from $66.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Scotiabank started coverage on shares of CG Oncology in a research note on Wednesday, April 16th. They issued a “sector perform” rating and a $23.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $75.00 price target on shares of CG Oncology in a report on Monday, April 28th. One 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. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $58.67.

CG Oncology Stock Performance

Shares of CG Oncology stock opened at $26.24 on Tuesday. The stock has a market capitalization of $2.00 billion, a P/E ratio of -17.38 and a beta of 0.86. CG Oncology has a 52-week low of $14.80 and a 52-week high of $40.47. The stock’s 50-day simple moving average is $24.40 and its 200 day simple moving average is $26.71.

CG Oncology (NASDAQ:CGON) last posted 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). The business had revenue of $0.05 million during the quarter, compared to the consensus estimate of $0.53 million. CG Oncology had a negative net margin of 15,945.17% and a negative return on equity of 16.71%. Equities research analysts forecast that CG Oncology will post -1.31 EPS for the current fiscal year.

Insider Transactions at CG Oncology

In related news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $30.76, for a total value of $30,760.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Institutional Investors Weigh In On CG Oncology

Hedge funds have recently added to or reduced their stakes in the company. Foresite Capital Management VI LLC purchased a new position in shares of CG Oncology during the 4th quarter valued at about $63,712,000. Marshall Wace LLP lifted its holdings in shares of CG Oncology by 18,836.0% in the 4th quarter. Marshall Wace LLP now owns 1,458,072 shares of the company’s stock worth $41,818,000 after acquiring an additional 1,450,372 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of CG Oncology by 274.4% in the 4th quarter. Wellington Management Group LLP now owns 1,910,470 shares of the company’s stock valued at $54,792,000 after purchasing an additional 1,400,251 shares in the last quarter. Acorn Capital Advisors LLC bought a new position in shares of CG Oncology during the 4th quarter valued at $32,451,000. Finally, Decheng Capital LLC raised its position in CG Oncology by 16.3% in the 4th quarter. Decheng Capital LLC now owns 6,371,669 shares of the company’s stock worth $182,739,000 after purchasing an additional 892,859 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.