Royal Bank of Canada Initiates Coverage on CG Oncology (NASDAQ:CGON)

Research analysts at Royal Bank of Canada initiated coverage on shares of CG Oncology (NASDAQ:CGON) in a research report issued to clients and investors on Monday, Briefing.com reports. The firm set an “outperform” rating and a $66.00 price target on the stock. Royal Bank of Canada’s price target suggests a potential upside of 69.23% from the company’s previous close.

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

CG Oncology Stock Down 0.3 %

NASDAQ CGON opened at $39.00 on Monday. The company has a 50-day moving average price of $35.29 and a 200-day moving average price of $35.27. CG Oncology has a 52 week low of $25.77 and a 52 week high of $50.23.

CG Oncology (NASDAQ:CGON) last announced its earnings results on Thursday, August 8th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.14. The business had revenue of $0.11 million for the quarter. On average, equities analysts predict that CG Oncology will post -1.47 EPS for the current fiscal year.

Insider Buying and Selling at CG Oncology

In related news, Director Hong Fang Song sold 650,455 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $35.36, for a total value of $23,000,088.80. Following the sale, the director now directly owns 586,982 shares in the company, valued at $20,755,683.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Institutional Trading of CG Oncology

Hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. bought a new stake in CG Oncology in the first quarter worth $102,000. California State Teachers Retirement System bought a new stake in shares of CG Oncology in the 1st quarter worth about $103,000. Rhumbline Advisers raised its position in shares of CG Oncology by 13.0% during the 2nd 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. Massachusetts Financial Services Co. MA raised its position in shares of CG Oncology by 2.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 266,787 shares of the company’s stock valued at $8,422,000 after buying an additional 6,899 shares in the last quarter. Finally, Profund Advisors LLC bought a new position in shares of CG Oncology in the 2nd quarter valued at about $300,000. 26.56% of the stock is owned by hedge funds and other institutional investors.

CG Oncology Company Profile

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.