CG Oncology (NASDAQ:CGON) Shares Gap Up to $36.51

CG Oncology, Inc. (NASDAQ:CGON) shares gapped up prior to trading on Wednesday . The stock had previously closed at $36.51, but opened at $37.41. CG Oncology shares last traded at $36.98, with a volume of 36,971 shares.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. The Goldman Sachs Group upgraded CG Oncology from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $43.00 to $50.00 in a research note on Monday, May 13th. Bank of America started coverage on CG Oncology in a research note on Friday, June 28th. They issued a “buy” rating and a $65.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $75.00 target price on shares of CG Oncology in a research report on Thursday, May 2nd. HC Wainwright restated a “buy” rating and issued a $75.00 price target on shares of CG Oncology in a research note on Tuesday, May 28th. Finally, Roth Mkm started coverage on shares of CG Oncology in a research report on Tuesday. They set a “buy” rating and a $65.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $64.17.

CG Oncology Price Performance

The business has a 50-day moving average of $33.52 and a 200-day moving average of $36.27.

CG Oncology (NASDAQ:CGON) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.14. The firm had revenue of $0.11 million for the quarter. On average, analysts anticipate that CG Oncology, Inc. will post -1.64 EPS for the current year.

Hedge Funds Weigh In On CG Oncology

A number of large investors have recently bought and sold shares of CGON. Decheng Capital LLC purchased a new position in CG Oncology in the 1st quarter worth about $239,642,000. Vanguard Group Inc. bought a new stake in shares of CG Oncology during the first quarter valued at approximately $97,678,000. BVF Inc. IL purchased a new position in CG Oncology during the 1st quarter worth $82,716,000. Yu Fan purchased a new stake in shares of CG Oncology in the 2nd quarter worth $49,828,000. Finally, Janus Henderson Group PLC purchased a new stake in shares of CG Oncology in the 1st quarter worth approximately $66,757,000. Hedge funds and other institutional investors 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.