Wedbush Forecasts Strong Price Appreciation for CG Oncology (NASDAQ:CGON) Stock

CG Oncology (NASDAQ:CGON) had its price objective hoisted by analysts at Wedbush from $80.00 to $84.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush‘s target price points to a potential upside of 13.22% from the stock’s current price.

Several other research firms have also weighed in on CGON. Wall Street Zen upgraded shares of CG Oncology from a “strong sell” rating to a “sell” rating in a research note on Saturday. HC Wainwright reaffirmed a “buy” rating and issued a $100.00 target price on shares of CG Oncology in a report on Wednesday, July 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of CG Oncology in a research note on Thursday, October 15th. Piper Sandler raised their target price on shares of CG Oncology from $82.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Finally, Truist Financial lifted their price target on CG Oncology from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, CG Oncology currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

CG Oncology Stock Performance

CGON traded down $1.80 during trading on Friday, reaching $74.19. 160,456 shares of the stock were exchanged, compared to its average volume of 1,088,931. The stock has a market cap of $6.58 billion, a P/E ratio of -26.85 and a beta of 0.35. CG Oncology has a twelve month low of $35.80 and a twelve month high of $80.97. The stock’s 50 day moving average price is $68.23 and its two-hundred day moving average price is $66.09.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings results on Friday, November 6th. The company reported ($0.64) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.83) by $0.19. The firm had revenue of $1.60 million for the quarter, compared to analyst estimates of $0.55 million. CG Oncology had a negative net margin of 3,851.09% and a negative return on equity of 24.79%. Equities research analysts predict that CG Oncology will post -3.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $62.06, for a total value of $62,060.00. Following the sale, the director owned 1,000 shares in the company, valued at approximately $62,060. This represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 3,000 shares of company stock valued at $209,580. 4.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CG Oncology

Institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its stake in shares of CG Oncology by 4.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,728 shares of the company’s stock worth $255,000 after buying an additional 175 shares during the last quarter. Covestor Ltd boosted its holdings in shares of CG Oncology by 72.6% during the 3rd quarter. Covestor Ltd now owns 770 shares of the company’s stock worth $55,000 after buying an additional 324 shares during the period. GAMMA Investing LLC boosted its holdings in shares of CG Oncology by 47.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,081 shares of the company’s stock worth $77,000 after buying an additional 350 shares during the period. Fiduciary Financial Advisors acquired a new position in CG Oncology in the 2nd quarter valued at about $28,000. Finally, NFSG Corp acquired a new position in CG Oncology in the 1st quarter valued at about $34,000. 26.56% of the stock is currently owned by institutional investors and hedge funds.

About CG Oncology

CG Oncology is a clinical-stage biotechnology company focused on developing treatments for bladder cancer. Based in Irvine, California, the company’s research centers on therapies delivered directly into the bladder.

Its lead investigational therapy, cretostimogene grenadenorepvec (formerly CG0070), is an oncolytic immunotherapy being developed for non-muscle-invasive bladder cancer, including disease that has not responded to Bacillus Calmette-Guérin (BCG) treatment. The modified virus is designed to target cancer cells and stimulate an immune response.

CG Oncology has no approved commercial products.