Morgan Stanley Issues Positive Forecast for CG Oncology (NASDAQ:CGON) Stock Price

CG Oncology (NASDAQ:CGON) had its price target boosted by Morgan Stanley from $56.00 to $79.00 in a report issued on Wednesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other brokerages have also issued reports on CGON. Cantor Fitzgerald restated an “overweight” rating and set a $75.00 target price on shares of CG Oncology in a research report on Monday, September 8th. Piper Sandler assumed coverage on CG Oncology in a research report on Monday, August 18th. They set an “overweight” rating and a $55.00 target price for the company. Zacks Research upgraded CG Oncology from a “strong sell” rating to a “hold” rating in a research report on Monday, September 1st. Royal Bank Of Canada dropped their target price on CG Oncology from $68.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, July 16th. Finally, HC Wainwright restated a “buy” rating and set a $75.00 target price on shares of CG Oncology in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $56.00.

CG Oncology Trading Up 5.5%

CGON opened at $37.72 on Wednesday. The firm has a market cap of $2.88 billion, a P/E ratio of -21.31 and a beta of 0.87. CG Oncology has a 12 month low of $14.80 and a 12 month high of $40.47. The stock has a 50-day moving average of $27.77 and a 200 day moving average of $25.77.

CG Oncology (NASDAQ:CGON) last announced its earnings results on Friday, August 8th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate 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, research analysts forecast that CG Oncology will post -1.31 earnings per share for the current fiscal year.

Insider Activity

In related news, Director James Mulay sold 27,015 shares of the business’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $31.53, for a total value of $851,782.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Leonard E. Post sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $28.00, for a total transaction of $56,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 130,015 shares of company stock valued at $3,722,883. Insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On CG Oncology

A number of large investors have recently bought and sold shares of CGON. Wellington Management Group LLP raised its stake in 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 buying an additional 1,400,251 shares in the last quarter. Bank of America Corp DE raised its stake in CG Oncology by 409.9% in the second quarter. Bank of America Corp DE now owns 1,736,769 shares of the company’s stock worth $45,156,000 after buying an additional 1,396,170 shares in the last quarter. Candriam S.C.A. bought a new position in CG Oncology in the second quarter worth approximately $19,854,000. Millennium Management LLC raised its stake in CG Oncology by 139.4% in the first quarter. Millennium Management LLC now owns 596,056 shares of the company’s stock worth $14,597,000 after buying an additional 347,055 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in CG Oncology by 15.0% in the second quarter. Alliancebernstein L.P. now owns 2,164,214 shares of the company’s stock worth $56,270,000 after buying an additional 281,637 shares in the last quarter. Institutional investors own 26.56% of the company’s stock.

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.