CG Oncology (NASDAQ:CGON) Stock Price Target Cut by Guggenheim

CG Oncology (NASDAQ:CGON) had its price objective reduced by equities research analysts at Guggenheim from $90.00 to $89.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim‘s price objective would indicate a potential upside of 17.17% from the company’s current price.

Several other brokerages have also weighed in on CGON. Piper Sandler raised their price objective on shares of CG Oncology from $82.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Royal Bank Of Canada dropped their target price on shares of CG Oncology from $81.00 to $79.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of CG Oncology in a research note on Thursday, October 15th. HC Wainwright reaffirmed a “buy” rating and set a $100.00 price target on shares of CG Oncology in a research report on Wednesday, July 29th. Finally, Truist Financial increased their price target on shares of CG Oncology from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $88.11.

CG Oncology Stock Performance

Shares of CGON stock traded down $0.03 during mid-day trading on Monday, reaching $75.96. 203,337 shares of the company were exchanged, compared to its average volume of 1,089,139. CG Oncology has a fifty-two week low of $35.80 and a fifty-two week high of $80.97. The company has a market capitalization of $6.73 billion, a P/E ratio of -27.73 and a beta of 0.35. The business’s 50 day simple moving average is $68.23 and its 200 day simple moving average is $66.09.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings results on Friday, November 6th. The company reported ($0.64) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.83) by $0.19. The business had revenue of $1.60 million during the quarter, compared to analyst estimates of $0.55 million. CG Oncology had a negative net margin of 3,851.09% and a negative return on equity of 24.79%. On average, analysts forecast that CG Oncology will post -3.31 EPS for the current year.

Insider Buying and Selling at CG Oncology

In related news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $62.06, for a total transaction of $62,060.00. Following the sale, the director owned 1,000 shares in the company, valued at $62,060. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders have sold 3,000 shares of company stock worth $209,580. 4.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CG Oncology

A number of hedge funds and other institutional investors have recently bought and sold shares of CGON. Fiduciary Financial Advisors acquired a new stake in shares of CG Oncology during the 2nd quarter worth approximately $28,000. NFSG Corp acquired a new position in CG Oncology during the 1st quarter valued at approximately $34,000. Manchester Capital Management LLC lifted its stake in CG Oncology by 2,895.5% in the third quarter. Manchester Capital Management LLC now owns 659 shares of the company’s stock valued at $47,000 after buying an additional 637 shares during the last quarter. Covestor Ltd boosted its holdings in shares of CG Oncology by 72.6% during the third quarter. Covestor Ltd now owns 770 shares of the company’s stock valued at $55,000 after acquiring an additional 324 shares during the period. Finally, Fifth Third Bancorp acquired a new position in shares of CG Oncology during the first quarter valued at $74,000. 26.56% of the stock is currently owned by institutional investors and hedge funds.

CG Oncology Company Profile

CG Oncology is a clinical-stage biotechnology company focused on developing treatments for bladder cancer. Based in Irvine, California, the company’s research centers on therapies delivered directly into the bladder.

Its lead investigational therapy, cretostimogene grenadenorepvec (formerly CG0070), is an oncolytic immunotherapy being developed for non-muscle-invasive bladder cancer, including disease that has not responded to Bacillus Calmette-Guérin (BCG) treatment. The modified virus is designed to target cancer cells and stimulate an immune response.

CG Oncology has no approved commercial products.