TD Cowen Initiates Coverage on CG Oncology (NASDAQ:CGON)

Equities research analysts at TD Cowen assumed coverage on shares of CG Oncology (NASDAQ:CGON) in a report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating on the stock.

CGON has been the subject of several other reports. UBS Group assumed coverage on CG Oncology in a research note on Thursday, October 24th. They issued a “buy” rating and a $60.00 price objective for the company. HC Wainwright reissued a “buy” rating and set a $75.00 price target on shares of CG Oncology in a research report on Friday, December 6th. Bank of America reaffirmed a “buy” rating and issued a $65.00 price objective on shares of CG Oncology in a report on Tuesday, October 8th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $66.00 target price on shares of CG Oncology in a report on Friday, December 6th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, CG Oncology presently has an average rating of “Buy” and an average price target of $63.88.

CG Oncology Stock Performance

Shares of CG Oncology stock opened at $29.72 on Tuesday. The firm’s 50 day simple moving average is $32.88 and its two-hundred day simple moving average is $34.28. CG Oncology has a 12-month low of $25.77 and a 12-month high of $50.23.

CG Oncology (NASDAQ:CGON) last released its earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.30 million. Sell-side analysts anticipate that CG Oncology will post -1.32 earnings per share for the current year.

Insider Activity at CG Oncology

In other news, Director Leonard E. Post sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $34.54, for a total transaction of $34,540.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Hong Fang Song sold 700,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $28.00, for a total value of $19,600,000.00. Following the transaction, the director now owns 3,003,931 shares in the company, valued at $84,110,068. This trade represents a 18.90 % decrease in their position. The disclosure for this sale can be found here.

Institutional Trading of CG Oncology

Several institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its stake 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 buying an additional 24,801 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of CG Oncology by 13.0% during the second quarter. Rhumbline Advisers now owns 34,229 shares of the company’s stock valued at $1,081,000 after acquiring an additional 3,940 shares during the last quarter. TD Asset Management Inc purchased a new position in shares of CG Oncology in the second quarter valued at approximately $2,939,000. Massachusetts Financial Services Co. MA lifted its position in shares of CG Oncology by 2.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 266,787 shares of the company’s stock valued at $8,422,000 after acquiring an additional 6,899 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of CG Oncology by 204.2% in the second quarter. Renaissance Technologies LLC now owns 43,200 shares of the company’s stock worth $1,364,000 after acquiring an additional 29,000 shares during the last quarter. Institutional investors and hedge funds own 26.56% of the company’s stock.

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.