CG Oncology (NASDAQ:CGON) Coverage Initiated by Analysts at Royal Bank of Canada

Royal Bank of Canada initiated coverage on shares of CG Oncology (NASDAQ:CGON) in a report released on Monday morning, Marketbeat reports. The firm issued an outperform rating and a $66.00 target price on the stock.

A number of other research analysts have also recently weighed in on CGON. Roth Mkm initiated coverage on CG Oncology in a research report on Tuesday, August 27th. They issued a buy rating and a $65.00 price target for the company. HC Wainwright reissued a buy rating and issued a $75.00 price objective on shares of CG Oncology in a research note on Tuesday, September 17th. Roth Capital upgraded shares of CG Oncology to a strong-buy rating in a research report on Tuesday, August 27th. Finally, Bank of America assumed coverage on shares of CG Oncology in a research report on Friday, June 28th. They issued a buy rating and a $65.00 price target on the stock. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, CG Oncology presently has an average rating of Buy and a consensus target price of $64.43.

CG Oncology Stock Performance

Shares of CGON opened at $36.20 on Monday. CG Oncology has a twelve month low of $25.77 and a twelve month high of $50.23. The firm’s 50-day moving average is $35.26 and its two-hundred day moving average is $35.27.

CG Oncology (NASDAQ:CGON) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.14. The firm had revenue of $0.11 million during the quarter. On average, sell-side analysts predict that CG Oncology will post -1.47 earnings per share for the current year.

Insider Activity

In related news, Director Hong Fang Song sold 650,455 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $35.36, for a total transaction of $23,000,088.80. Following the sale, the director now owns 586,982 shares in the company, valued at $20,755,683.52. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Institutional Trading of CG Oncology

Hedge funds have recently added to or reduced their stakes in the business. Deerfield Management Company L.P. Series C boosted its position in shares of CG Oncology by 811.9% in the second quarter. Deerfield Management Company L.P. Series C now owns 433,540 shares of the company’s stock worth $13,687,000 after acquiring an additional 386,000 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of CG Oncology during the 2nd quarter worth $2,399,000. Yu Fan purchased a new position in shares of CG Oncology in the 2nd quarter worth $49,828,000. Profund Advisors LLC purchased a new position in shares of CG Oncology in the 2nd quarter worth $300,000. Finally, Ensign Peak Advisors Inc acquired a new position in CG Oncology in the second quarter valued at $1,912,000. 26.56% of the stock is owned by institutional investors and hedge funds.

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.