CG Oncology (NASDAQ:CGON) Earns Sector Perform Rating from Analysts at Scotiabank

Scotiabank assumed coverage on shares of CG Oncology (NASDAQ:CGON - Free Report) in a research report released on Wednesday morning, Marketbeat reports. The brokerage issued a sector perform rating and a $23.00 target price on the stock.

CGON has been the subject of a number of other reports. TD Cowen initiated coverage on CG Oncology in a research note on Tuesday, January 7th. They set a "buy" rating for the company. HC Wainwright reiterated a "buy" rating and issued a $75.00 price objective on shares of CG Oncology in a report on Monday, March 31st. Finally, Morgan Stanley reiterated an "overweight" rating and set a $55.00 price target on shares of CG Oncology in a research note on Friday, March 7th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, CG Oncology presently has a consensus rating of "Buy" and a consensus target price of $59.33.

CG Oncology Stock Performance

Shares of NASDAQ CGON traded up $0.27 during mid-day trading on Wednesday, reaching $20.91. The company had a trading volume of 311,244 shares, compared to its average volume of 719,869. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -14.73 and a beta of 1.24. The stock has a fifty day moving average of $24.32 and a two-hundred day moving average of $29.72. CG Oncology has a 12-month low of $14.80 and a 12-month high of $46.99.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued its earnings results on Tuesday, March 25th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.37) by ($0.11). CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. The company had revenue of $0.46 million for the quarter, compared to analyst estimates of $0.11 million. Sell-side analysts forecast that CG Oncology will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of CG Oncology

A number of hedge funds have recently bought and sold shares of CGON. Decheng Capital LLC grew its position in CG Oncology by 16.3% during the fourth quarter. Decheng Capital LLC now owns 6,371,669 shares of the company's stock worth $182,739,000 after buying an additional 892,859 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of CG Oncology by 15.3% during the 4th quarter. Vanguard Group Inc. now owns 5,861,082 shares of the company's stock valued at $168,096,000 after acquiring an additional 779,730 shares in the last quarter. Braidwell LP increased its stake in 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 acquiring an additional 112,442 shares during the period. Foresite Capital Management VI LLC bought a new position in CG Oncology during the fourth quarter worth about $63,712,000. Finally, Wellington Management Group LLP boosted its holdings in CG Oncology by 274.4% during the fourth quarter. Wellington Management Group LLP now owns 1,910,470 shares of the company's stock valued at $54,792,000 after purchasing an additional 1,400,251 shares in the last quarter. 26.56% of the stock is owned by 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.