CG Oncology (NASDAQ:CGON) Price Target Cut to $53.00 by Analysts at Royal Bank Of Canada

CG Oncology (NASDAQ:CGON) had its price objective lowered by Royal Bank Of Canada from $68.00 to $53.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

Other analysts have also issued research reports about the company. Scotiabank assumed coverage on 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. HC Wainwright restated a “buy” rating and set a $75.00 price target on shares of CG Oncology in a research note on Monday, April 28th. Morgan Stanley raised their price target on CG Oncology from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Tuesday, June 17th. Wall Street Zen upgraded CG Oncology from a “sell” rating to a “hold” rating in a research note on Friday, June 27th. Finally, The Goldman Sachs Group upgraded CG Oncology to a “strong-buy” rating and set a $40.00 price target on the stock in a research note on Thursday, July 10th. Two investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $55.30.

CG Oncology Stock Down 6.0%

CGON stock opened at $26.75 on Wednesday. The business’s fifty day simple moving average is $26.10 and its two-hundred day simple moving average is $26.04. CG Oncology has a twelve month low of $14.80 and a twelve month high of $40.47. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -17.72 and a beta of 0.86.

CG Oncology (NASDAQ:CGON) last released its earnings results on Tuesday, May 13th. The company reported ($0.45) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.09). CG Oncology had a negative return on equity of 16.71% and a negative net margin of 15,945.17%. The business had revenue of $0.05 million during the quarter, compared to analysts’ expectations of $0.53 million. Research analysts expect that CG Oncology will post -1.31 EPS for the current year.

Insider Transactions at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 2,000 shares of CG Oncology stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $28.00, for a total value of $56,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 7.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On CG Oncology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. purchased a new position in CG Oncology in the fourth quarter valued at about $41,000. CWM LLC grew its stake in CG Oncology by 3,957.7% in the first quarter. CWM LLC now owns 2,110 shares of the company’s stock valued at $52,000 after purchasing an additional 2,058 shares during the last quarter. GAMMA Investing LLC grew its stake in CG Oncology by 1,051.0% in the first quarter. GAMMA Investing LLC now owns 2,302 shares of the company’s stock valued at $56,000 after purchasing an additional 2,102 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in CG Oncology in the fourth quarter valued at about $100,000. Finally, Federated Hermes Inc. purchased a new position in CG Oncology in the fourth quarter valued at about $172,000. Hedge funds and other 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.