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

Shares of CG Oncology, Inc. (NASDAQ:CGON) have been assigned an average recommendation of “Moderate Buy” from the twelve brokerages that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $54.30.

Several research firms have recently weighed in on CGON. Piper Sandler began coverage on CG Oncology in a research note on Monday, August 18th. They issued an “overweight” rating and a $55.00 price objective on the stock. Royal Bank Of Canada lowered their price objective on CG Oncology from $68.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 16th. Wall Street Zen lowered CG Oncology from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. The Goldman Sachs Group upgraded CG Oncology to a “strong-buy” rating and set a $40.00 price objective on the stock in a research note on Thursday, July 10th. Finally, Morgan Stanley upped their price objective on CG Oncology from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Tuesday, June 17th.

CG Oncology Stock Up 6.9%

CG Oncology stock opened at $33.07 on Friday. The business has a 50 day moving average price of $26.51 and a two-hundred day moving average price of $25.32. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of -18.68 and a beta of 0.87. CG Oncology has a 12 month low of $14.80 and a 12 month high of $40.47.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings results on Friday, August 8th. The company reported ($0.54) 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, analysts expect that CG Oncology will post -1.31 earnings per share for the current fiscal year.

Insider Activity at CG Oncology

In other news, Director Hong Fang Song sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $27.80, for a total value of $2,780,000.00. Following the sale, the director directly owned 2,903,931 shares in the company, valued at approximately $80,729,281.80. This represents a 3.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Leonard E. Post sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $28.00, for a total value of $56,000.00. The disclosure for this sale can be found here. Corporate insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On CG Oncology

A number of large investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. grew its position in CG Oncology by 15.6% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,945 shares of the company’s stock worth $77,000 after acquiring an additional 398 shares during the last quarter. PNC Financial Services Group Inc. grew its position in CG Oncology by 15.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,279 shares of the company’s stock worth $85,000 after acquiring an additional 433 shares during the last quarter. Invesco Ltd. grew its position in CG Oncology by 2.5% during the 1st quarter. Invesco Ltd. now owns 27,754 shares of the company’s stock worth $680,000 after acquiring an additional 685 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its position in CG Oncology by 6.5% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 15,270 shares of the company’s stock worth $374,000 after acquiring an additional 930 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in CG Oncology by 0.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 258,090 shares of the company’s stock worth $6,321,000 after acquiring an additional 933 shares during the last quarter. 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.