CG Oncology (NASDAQ:CGON) Price Target Cut to $52.00 by Analysts at Morgan Stanley

CG Oncology (NASDAQ:CGON) had its price target cut by research analysts at Morgan Stanley from $55.00 to $52.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 108.71% from the company’s current price.

A number of other research firms also recently issued reports on CGON. Scotiabank began coverage on shares of CG Oncology in a research report on Wednesday, April 16th. They set a “sector perform” rating and a $23.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $75.00 price target on shares of CG Oncology in a report on Monday, April 28th. HC Wainwright reiterated a “buy” rating and set a $75.00 price target on shares of CG Oncology in a report on Monday, April 28th. Royal Bank of Canada upped their price objective on CG Oncology from $66.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Finally, JPMorgan Chase & Co. initiated coverage on CG Oncology in a report on Friday, May 2nd. They set an “overweight” rating and a $41.00 target price on the stock. One research 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. According to MarketBeat, CG Oncology has an average rating of “Buy” and an average target price of $58.22.

CG Oncology Price Performance

Shares of CGON stock traded down $0.52 during trading hours on Monday, reaching $24.92. 140,691 shares of the company were exchanged, compared to its average volume of 820,774. CG Oncology has a fifty-two week low of $14.80 and a fifty-two week high of $40.47. The stock’s fifty day moving average is $23.40 and its two-hundred day moving average is $28.07. The company has a market cap of $1.90 billion, a price-to-earnings ratio of -16.46 and a beta of 1.08.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.09). The firm had revenue of $0.05 million for the quarter, compared to analyst estimates of $0.53 million. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. On average, research analysts anticipate 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 business’s stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $30.76, for a total transaction of $30,760.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 7.40% of the company’s stock.

Institutional Trading of CG Oncology

A number of institutional investors and hedge funds have recently bought and sold shares of CGON. GF Fund Management CO. LTD. bought a new stake in shares of CG Oncology in the 4th quarter valued at about $41,000. CWM LLC raised its holdings in CG Oncology by 3,957.7% during the 1st quarter. CWM LLC now owns 2,110 shares of the company’s stock worth $52,000 after purchasing an additional 2,058 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of CG Oncology in the 4th quarter worth approximately $68,000. GAMMA Investing LLC lifted its holdings in CG Oncology by 1,051.0% in the first quarter. GAMMA Investing LLC now owns 2,302 shares of the company’s stock valued at $56,000 after buying an additional 2,102 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of CG Oncology in the 4th quarter valued at about $100,000. 26.56% of the stock is currently owned by institutional investors and hedge funds.

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.