CG Oncology (NASDAQ:CGON) Now Covered by TD Cowen

TD Cowen assumed coverage on shares of CG Oncology (NASDAQ:CGON) in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage issued a buy rating on the stock.

Several other equities research analysts also recently issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price target on shares of CG Oncology in a research note on Friday, December 6th. Bank of America reiterated a “buy” rating and set a $65.00 target price on shares of CG Oncology in a research note on Tuesday, October 8th. UBS Group initiated coverage on CG Oncology in a report on Thursday, October 24th. They issued a “buy” rating and a $60.00 price target on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $66.00 target price on shares of CG Oncology in a research report on Friday, December 6th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $63.88.

CG Oncology Price Performance

Shares of NASDAQ CGON opened at $31.01 on Tuesday. The company’s 50-day moving average price is $32.78 and its 200 day moving average price is $34.28. CG Oncology has a 52 week low of $25.77 and a 52 week high of $50.23.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.06. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. The company had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million. Equities research analysts forecast that CG Oncology will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $34.54, for a total transaction of $34,540.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Hong Fang Song sold 700,000 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $28.00, for a total value of $19,600,000.00. Following the completion of the sale, the director now owns 3,003,931 shares of the company’s stock, valued at $84,110,068. This trade represents a 18.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Institutional Investors Weigh In On CG Oncology

A number of institutional investors and hedge funds have recently modified their holdings of CGON. Yu Fan bought a new stake in CG Oncology in the 2nd quarter valued at $49,828,000. State Street Corp grew its holdings in shares of CG Oncology by 73.0% during the 3rd quarter. State Street Corp now owns 1,700,653 shares of the company’s stock valued at $64,166,000 after purchasing an additional 717,722 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in CG Oncology by 575.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 746,063 shares of the company’s stock worth $28,149,000 after purchasing an additional 635,653 shares in the last quarter. Geode Capital Management LLC raised its holdings in CG Oncology by 96.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,078,527 shares of the company’s stock valued at $40,701,000 after buying an additional 528,749 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C raised its position in CG Oncology by 811.9% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 433,540 shares of the company’s stock worth $13,687,000 after purchasing an additional 386,000 shares during the last quarter. 26.56% of the stock is owned by institutional investors.

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.