CG Oncology, Inc.’s (NASDAQ:CGON) Lock-Up Period Will End Tomorrow

CG Oncology’s (NASDAQ:CGON) lock-up period will end on Tuesday, July 23rd. CG Oncology had issued 20,000,000 shares in its public offering on January 25th. The total size of the offering was $380,000,000 based on an initial share price of $19.00. After the end of CG Oncology’s lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Analysts Set New Price Targets

CGON has been the topic of several recent analyst reports. The Goldman Sachs Group raised CG Oncology from a “neutral” rating to a “buy” rating and upped their target price for the company from $43.00 to $50.00 in a research report on Monday, May 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $75.00 price objective on shares of CG Oncology in a research report on Thursday, May 2nd. HC Wainwright reissued a “buy” rating and set a $75.00 target price on shares of CG Oncology in a research report on Tuesday, May 28th. Finally, Bank of America assumed coverage on shares of CG Oncology in a report on Friday, June 28th. They issued a “buy” rating and a $65.00 price target for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CG Oncology presently has a consensus rating of “Buy” and an average price target of $64.00.

CG Oncology Trading Down 4.1 %

Shares of CGON stock opened at $35.22 on Monday. CG Oncology has a fifty-two week low of $25.77 and a fifty-two week high of $50.23. The company has a 50-day moving average price of $32.80.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.01). The company had revenue of $0.53 million for the quarter. Research analysts anticipate that CG Oncology will post -1.64 EPS for the current year.

Institutional Investors Weigh In On CG Oncology

Several hedge funds have recently added to or reduced their stakes in CGON. Decheng Capital LLC purchased a new stake in CG Oncology in the 1st quarter worth approximately $239,642,000. Vanguard Group Inc. acquired a new position in shares of CG Oncology in the 1st quarter valued at $97,678,000. BVF Inc. IL purchased a new stake in CG Oncology during the first quarter worth $82,716,000. Janus Henderson Group PLC acquired a new stake in CG Oncology during the first quarter valued at $66,757,000. Finally, RA Capital Management L.P. acquired a new stake in CG Oncology during the first quarter valued at $61,347,000. 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.