CG Oncology (NASDAQ:CGON) Shares Gap Up to $30.25

CG Oncology, Inc. (NASDAQ:CGON)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $30.25, but opened at $31.66. CG Oncology shares last traded at $31.24, with a volume of 16,700 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CGON. Cantor Fitzgerald reiterated an “overweight” rating and issued a $75.00 target price on shares of CG Oncology in a research report on Thursday, May 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a report on Tuesday, May 28th. The Goldman Sachs Group raised CG Oncology from a “neutral” rating to a “buy” rating and lifted their price target for the company from $43.00 to $50.00 in a research note on Monday, May 13th. Finally, Bank of America began coverage on CG Oncology in a research note on Friday. They issued a “buy” rating and a $65.00 price objective for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $64.00.

CG Oncology Price Performance

The company has a 50-day moving average price of $33.50.

CG Oncology (NASDAQ:CGON) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.01). The business had revenue of $0.53 million for the quarter. On average, equities analysts forecast that CG Oncology, Inc. will post -1.71 EPS for the current fiscal year.

Hedge Funds Weigh In On CG Oncology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. acquired a new stake in CG Oncology during the 1st quarter worth about $102,000. California State Teachers Retirement System bought a new stake in shares of CG Oncology during the 1st quarter valued at about $103,000. BNP Paribas Financial Markets acquired a new stake in CG Oncology during the first quarter worth approximately $492,000. Capstone Investment Advisors LLC acquired a new stake in CG Oncology during the first quarter worth approximately $806,000. Finally, Blackstone Inc. bought a new stake in CG Oncology in the first quarter worth approximately $1,098,000. 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.