CG Oncology (NASDAQ:CGON) Trading 4.7% Higher After Analyst Upgrade

Shares of CG Oncology, Inc. (NASDAQ:CGON) traded up 4.7% during mid-day trading on Tuesday after Morgan Stanley raised their price target on the stock from $52.00 to $56.00. Morgan Stanley currently has an overweight rating on the stock. CG Oncology traded as high as $26.31 and last traded at $26.65. 213,112 shares were traded during mid-day trading, a decline of 79% from the average session volume of 1,029,603 shares. The stock had previously closed at $25.46.

A number of other equities research analysts also recently issued reports on CGON. Cantor Fitzgerald reiterated an “overweight” rating and issued a $75.00 price objective on shares of CG Oncology in a research report on Monday, April 28th. Royal Bank Of Canada raised their price target on CG Oncology from $66.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, April 29th. HC Wainwright restated a “buy” rating and set a $75.00 price target on shares of CG Oncology in a research report on Monday, April 28th. JPMorgan Chase & Co. began coverage on CG Oncology in a research report on Friday, May 2nd. They set an “overweight” rating and a $41.00 price target on the stock. Finally, Scotiabank began coverage on CG Oncology in a research report on Wednesday, April 16th. They set a “sector perform” rating and a $23.00 price target on the stock. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $58.67.

Insider Activity

In other news, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $30.76, for a total transaction of $30,760.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CGON. Foresite Capital Management VI LLC bought a new position in shares of CG Oncology during the fourth quarter valued at about $63,712,000. Marshall Wace LLP grew its stake in shares of CG Oncology by 18,836.0% in the fourth quarter. Marshall Wace LLP now owns 1,458,072 shares of the company’s stock worth $41,818,000 after purchasing an additional 1,450,372 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of CG Oncology by 274.4% in 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 last quarter. Acorn Capital Advisors LLC bought a new stake in shares of CG Oncology in the fourth quarter worth about $32,451,000. Finally, Decheng Capital LLC grew its stake in shares of CG Oncology by 16.3% in the fourth 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 last quarter. 26.56% of the stock is owned by institutional investors.

CG Oncology Price Performance

The company has a market capitalization of $2.00 billion, a P/E ratio of -17.38 and a beta of 0.86. The company has a 50 day moving average of $24.40 and a 200-day moving average of $26.71.

CG Oncology (NASDAQ:CGON) last posted its 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 return on equity of 16.71% and a negative net margin of 15,945.17%. Research analysts predict that CG Oncology, Inc. will post -1.31 EPS for the current fiscal year.

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.