CG Oncology (NASDAQ:CGON) Earns Overweight Rating from Morgan Stanley

CG Oncology (NASDAQ:CGON)‘s stock had its “overweight” rating restated by investment analysts at Morgan Stanley in a research note issued to investors on Friday,Benzinga reports. They presently have a $55.00 target price on the stock. Morgan Stanley’s target price would indicate a potential upside of 105.84% from the stock’s current price.

CGON has been the topic of a number of other research reports. TD Cowen initiated coverage on CG Oncology in a report on Tuesday, January 7th. They issued a “buy” rating on the stock. Royal Bank of Canada restated an “outperform” rating and set a $66.00 price objective on shares of CG Oncology in a report on Friday, December 6th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a research report on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $63.88.

CG Oncology Price Performance

Shares of CGON stock opened at $26.72 on Friday. The stock has a 50 day simple moving average of $28.61 and a 200-day simple moving average of $32.85. CG Oncology has a 12-month low of $23.91 and a 12-month high of $46.99.

Insider Buying and Selling

In related news, Director Hong Fang Song sold 700,000 shares of the business’s 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 $84,110,068. The trade was 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 at the SEC website. Also, Director Leonard E. Post sold 1,000 shares of the business’s stock in a transaction that occurred 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.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Decheng Capital LLC increased its holdings in shares of CG Oncology by 16.3% in 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 in the last quarter. Vanguard Group Inc. increased its holdings in shares of CG Oncology by 15.3% in the fourth quarter. Vanguard Group Inc. now owns 5,861,082 shares of the company’s stock valued at $168,096,000 after buying an additional 779,730 shares in the last quarter. Braidwell LP increased its holdings in shares of CG Oncology by 3.5% in the fourth quarter. Braidwell LP now owns 3,283,317 shares of the company’s stock valued at $94,166,000 after buying an additional 112,442 shares in the last quarter. Foresite Capital Management VI LLC bought a new position in shares of CG Oncology in the fourth quarter valued at $63,712,000. Finally, Wellington Management Group LLP grew its position in CG Oncology by 274.4% during 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 in the last quarter. 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.