CG Oncology, Inc. (NASDAQ:CGON) Given Consensus Recommendation of “Buy” by Brokerages

Shares of CG Oncology, Inc. (NASDAQ:CGON) have been given an average rating of “Buy” by the eight brokerages that are covering the stock, MarketBeat.com reports. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $64.43.

Several equities analysts recently issued reports on the company. Royal Bank of Canada assumed coverage on shares of CG Oncology in a report on Monday, September 23rd. They issued an “outperform” rating and a $66.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price target on shares of CG Oncology in a report on Tuesday, September 17th. Roth Capital upgraded shares of CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. Roth Mkm started coverage on CG Oncology in a research note on Tuesday, August 27th. They issued a “buy” rating and a $65.00 target price for the company. Finally, Bank of America assumed coverage on CG Oncology in a research report on Friday, June 28th. They set a “buy” rating and a $65.00 price target on the stock.

CG Oncology Price Performance

CGON opened at $37.87 on Friday. CG Oncology has a 1-year low of $25.77 and a 1-year high of $50.23. The company has a 50-day moving average of $35.31 and a 200-day moving average of $35.31.

CG Oncology (NASDAQ:CGON) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.14. The firm had revenue of $0.11 million for the quarter. On average, sell-side analysts anticipate that CG Oncology will post -1.47 earnings per share for the current fiscal year.

Insider Buying and Selling at CG Oncology

In other news, Director Hong Fang Song sold 650,455 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $35.36, for a total transaction of $23,000,088.80. Following the completion of the transaction, the director now directly owns 586,982 shares in the company, valued at $20,755,683.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Institutional Investors Weigh In On CG Oncology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Deerfield Management Company L.P. Series C increased its stake 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 valued at $13,687,000 after buying an additional 386,000 shares during the period. Marshall Wace LLP bought a new position in shares of CG Oncology in the second quarter valued at approximately $2,399,000. Yu Fan acquired a new position in shares of CG Oncology during the second quarter valued at approximately $49,828,000. Profund Advisors LLC bought a new stake in CG Oncology during the second quarter worth approximately $300,000. Finally, Ensign Peak Advisors Inc acquired a new stake in CG Oncology in the second quarter worth approximately $1,912,000. 26.56% of the stock is currently 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.