CG Oncology, Inc. (NASDAQ:CGON) Receives Average Recommendation of “Buy” from Brokerages

CG Oncology, Inc. (NASDAQ:CGON) has been given an average recommendation of “Buy” by the ten research firms that are currently covering the firm, MarketBeat.com reports. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $63.88.

Several research analysts recently commented on CGON shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $66.00 price target on shares of CG Oncology in a research report on Friday, December 6th. HC Wainwright reiterated a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a report on Friday, January 10th. Morgan Stanley restated an “overweight” rating and set a $55.00 price target on shares of CG Oncology in a report on Friday, March 7th. Finally, TD Cowen assumed coverage on CG Oncology in a research report on Tuesday, January 7th. They issued a “buy” rating for the company.

CG Oncology Price Performance

Shares of NASDAQ:CGON opened at $27.80 on Friday. The firm has a fifty day simple moving average of $28.41 and a two-hundred day simple moving average of $32.59. CG Oncology has a 52 week low of $23.91 and a 52 week high of $46.99.

Insider Transactions at CG Oncology

In related news, Director Hong Fang Song sold 700,000 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $28.00, for a total value of $19,600,000.00. Following the transaction, the director now owns 3,003,931 shares of the company’s stock, valued at $84,110,068. This represents a 18.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $29.66, for a total value of $29,660.00. The disclosure for this sale can be found here.

Hedge Funds Weigh In On CG Oncology

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Foresite Capital Management VI LLC purchased a new stake in CG Oncology in the fourth quarter worth about $63,712,000. Marshall Wace LLP raised its holdings in shares of CG Oncology by 18,836.0% in the 4th quarter. Marshall Wace LLP now owns 1,458,072 shares of the company’s stock valued at $41,818,000 after purchasing an additional 1,450,372 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of CG Oncology by 274.4% in the 4th quarter. Wellington Management Group LLP now owns 1,910,470 shares of the company’s stock worth $54,792,000 after purchasing an additional 1,400,251 shares during the period. Acorn Capital Advisors LLC bought a new position in shares of CG Oncology during the fourth quarter valued at approximately $32,451,000. Finally, Decheng Capital LLC increased its holdings in CG Oncology by 16.3% during the fourth quarter. Decheng Capital LLC now owns 6,371,669 shares of the company’s stock valued at $182,739,000 after buying an additional 892,859 shares during the period. Institutional investors own 26.56% of the company’s stock.

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.