Shares of CG Oncology, Inc. (NASDAQ: CGON) have received a price target of $61.42 from a consensus of fourteen brokerages covering the company. According to MarketBeat, this average rating is classified as a “Moderate Buy.” The assessments include one sell rating, two hold ratings, ten buy ratings, and one strong buy rating.
A recent surge in activity has seen several notable changes in the stock’s price targets. Morgan Stanley provided a bullish outlook, setting a target of $93.00 in a research note released on Friday. In contrast, the Royal Bank of Canada adjusted its target upward from $53.00 to $61.00, while also issuing an “outperform” rating on November 17. JPMorgan Chase & Co. raised its target from $41.00 to $47.00 with an “overweight” rating noted in their report from September 26. Additionally, HC Wainwright reaffirmed a “buy” rating with a price objective of $75.00 on September 15, and Guggenheim initiated coverage with a “buy” rating and a price target of $90.00 on October 7.
Recent Financial Performance and Outlook
On November 14, CG Oncology released its quarterly earnings report, revealing an earnings per share (EPS) of ($0.57), which aligned with analysts’ expectations. The company generated revenue of $0.16 million for the quarter, surpassing analysts’ estimates of $0.07 million. Analysts forecast that CG Oncology will post an EPS of ($1.31) for the current fiscal year, indicating ongoing operational challenges.
In a separate development, Director Leonard E. Post sold 1,000 shares of the company on November 17 at an average price of $41.43, totaling $41,430.00. This transaction was disclosed in filings with the U.S. Securities and Exchange Commission (SEC).
Institutional Investor Activity
Institutional investors have shown significant interest in CG Oncology, with several firms adjusting their holdings. For instance, SG Americas Securities LLC increased its stake by 92.7% during the fourth quarter, owning 20,949 shares valued at approximately $870,000 after acquiring an additional 10,077 shares.
Moreover, JPMorgan Chase & Co. expanded its position by 321.3% in the third quarter, now holding 227,879 shares worth around $9,179,000 after purchasing an additional 173,785 shares. Other institutions, including CIBC Bancorp USA Inc. and Voleon Capital Management LP, have also established new positions in CG Oncology, reflecting a growing confidence among large investors. Currently, hedge funds and institutional investors control 26.56% of the company’s stock.
CG Oncology, headquartered in South San Francisco, California, is a clinical-stage biopharmaceutical firm dedicated to developing innovative antibody-based immunotherapies aimed at treating solid tumor cancers. The company utilizes a platform-driven approach to identify and optimize antibody candidates that interact with critical immune checkpoints within the tumor microenvironment. Its development pipeline includes multiple preclinical programs and early-phase clinical trials, focusing on assessing safety, dosing, and preliminary anti-tumor activity.
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