CG Oncology (NASDAQ:CGON) Earns Buy Rating from Analysts at Truist Financial

Truist Financial assumed coverage on shares of CG Oncology (NASDAQ:CGON) in a research note issued to investors on Monday morning, MarketBeat reports. The brokerage issued a buy rating and a $62.00 target price on the stock.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen raised CG Oncology from a “sell” rating to a “hold” rating in a report on Friday, October 3rd. Zacks Research raised CG Oncology from a “strong sell” rating to a “hold” rating in a report on Monday, September 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of CG Oncology in a research note on Wednesday, October 8th. Royal Bank Of Canada boosted their price target on CG Oncology from $53.00 to $61.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a research note on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.73.

CG Oncology Trading Down 1.5%

CGON opened at $44.84 on Monday. The company has a market cap of $3.62 billion, a P/E ratio of -21.98 and a beta of 1.32. The company’s 50 day moving average is $40.91 and its 200-day moving average is $31.84. CG Oncology has a 1-year low of $14.80 and a 1-year high of $45.78.

CG Oncology (NASDAQ:CGON) last issued its earnings results on Friday, November 14th. The company reported ($0.57) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.57). The firm had revenue of $1.51 million for the quarter, compared to analyst estimates of $0.07 million. CG Oncology had a negative net margin of 15,945.17% and a negative return on equity of 21.67%. On average, equities analysts forecast that CG Oncology will post -1.31 EPS for the current year.

Insider Buying and Selling

In related news, Director Hong Fang Song sold 100,000 shares of CG Oncology 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 transaction, the director directly owned 2,903,931 shares of the company’s stock, valued at $80,729,281.80. The trade was a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian Guan-Chyun Liu bought 1,515,151 shares of the firm’s stock in a transaction on Thursday, September 11th. The shares were purchased at an average cost of $33.00 per share, with a total value of $49,999,983.00. Following the transaction, the director directly owned 1,515,151 shares in the company, valued at approximately $49,999,983. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders sold 175,359 shares of company stock worth $5,553,214. Corporate insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On CG Oncology

Several hedge funds and other institutional investors have recently bought and sold shares of CGON. Mirae Asset Global Investments Co. Ltd. boosted its position in CG Oncology by 15.6% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,945 shares of the company’s stock valued at $77,000 after acquiring an additional 398 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of CG Oncology by 15.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,279 shares of the company’s stock valued at $85,000 after purchasing an additional 433 shares during the period. CWM LLC lifted its stake in shares of CG Oncology by 10.9% in the 3rd quarter. CWM LLC now owns 6,865 shares of the company’s stock valued at $277,000 after purchasing an additional 672 shares during the period. Invesco Ltd. boosted its position in shares of CG Oncology by 2.5% during the 1st quarter. Invesco Ltd. now owns 27,754 shares of the company’s stock valued at $680,000 after purchasing an additional 685 shares in the last quarter. Finally, Strengthening Families & Communities LLC acquired a new stake in CG Oncology during the third quarter worth approximately $40,000. Institutional investors and hedge funds 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.