CG Oncology (NASDAQ:CGON) Given Buy Rating at HC Wainwright

CG Oncology (NASDAQ:CGON)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a research note issued to investors on Friday,Benzinga reports. They presently have a $75.00 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 149.25% from the company’s previous close.

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

CG Oncology Price Performance

CGON stock traded down $0.37 on Friday, reaching $30.09. The company had a trading volume of 346,146 shares, compared to its average volume of 651,253. The company’s fifty day moving average is $32.56 and its 200 day moving average is $34.23. CG Oncology has a 1 year low of $25.77 and a 1 year high of $50.23.

CG Oncology (NASDAQ:CGON) last announced its 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 net margin of 10,642.98% and a negative return on equity of 18.97%. The firm had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million. On average, sell-side analysts expect that CG Oncology will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On CG Oncology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in shares of CG Oncology by 38.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 89,344 shares of the company’s stock worth $2,821,000 after purchasing an additional 24,801 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of CG Oncology by 13.0% in the second quarter. Rhumbline Advisers now owns 34,229 shares of the company’s stock valued at $1,081,000 after buying an additional 3,940 shares in the last quarter. TD Asset Management Inc acquired a new stake in shares of CG Oncology during the 2nd quarter valued at $2,939,000. Massachusetts Financial Services Co. MA grew its holdings in shares of CG Oncology by 2.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 266,787 shares of the company’s stock worth $8,422,000 after acquiring an additional 6,899 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of CG Oncology by 204.2% during the second quarter. Renaissance Technologies LLC now owns 43,200 shares of the company’s stock worth $1,364,000 after purchasing an additional 29,000 shares during the period. 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.