Royal Bank of Canada Reaffirms Outperform Rating for CG Oncology (NASDAQ:CGON)

CG Oncology (NASDAQ:CGON - Get Free Report)'s stock had its "outperform" rating reissued by Royal Bank of Canada in a research note issued on Friday,Benzinga reports. They presently have a $66.00 price objective on the stock. Royal Bank of Canada's price target would indicate a potential upside of 90.81% from the stock's previous close.

CGON has been the subject of several other reports. Roth Mkm started coverage on CG Oncology in a research report on Tuesday, August 27th. They issued a "buy" rating and a $65.00 price objective for the company. Roth Capital raised shares of CG Oncology to a "strong-buy" rating in a report on Tuesday, August 27th. HC Wainwright restated a "buy" rating and set a $75.00 price objective on shares of CG Oncology in a report on Friday. UBS Group started coverage on shares of CG Oncology in a research report on Thursday, October 24th. They set a "buy" rating and a $60.00 price objective for the company. Finally, Bank of America restated a "buy" rating and set a $65.00 price target on shares of CG Oncology in a research note on Tuesday, October 8th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $63.88.

CG Oncology Stock Performance

CGON traded up $1.03 during trading on Friday, hitting $34.59. The stock had a trading volume of 661,828 shares, compared to its average volume of 475,634. CG Oncology has a 12 month low of $25.77 and a 12 month high of $50.23. The company has a 50 day simple moving average of $35.78 and a 200-day simple moving average of $34.88.

CG Oncology (NASDAQ:CGON - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.30) EPS for the quarter, topping analysts' consensus estimates of ($0.36) by $0.06. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. The business had revenue of $0.04 million for the quarter, compared to analyst estimates of $0.30 million. As a group, analysts expect that CG Oncology will post -1.31 earnings per share for the current year.

Insiders Place Their Bets

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the company's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $34.54, for a total value of $34,540.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Institutional Investors Weigh In On CG Oncology

Institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System bought a new stake in shares of CG Oncology during the first quarter worth $103,000. Bank of New York Mellon Corp increased its position in CG Oncology by 38.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 89,344 shares of the company's stock valued at $2,821,000 after acquiring an additional 24,801 shares in the last quarter. Rhumbline Advisers raised its stake in shares of CG Oncology by 13.0% in the second quarter. Rhumbline Advisers now owns 34,229 shares of the company's stock worth $1,081,000 after acquiring an additional 3,940 shares during the last quarter. TD Asset Management Inc acquired a new position in shares of CG Oncology during the second quarter worth approximately $2,939,000. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of CG Oncology by 2.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 266,787 shares of the company's stock valued at $8,422,000 after purchasing an additional 6,899 shares during the last quarter. Institutional investors and hedge funds 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.