Morgan Stanley Issues Pessimistic Forecast for CG Oncology (NASDAQ:CGON) Stock Price

CG Oncology (NASDAQ:CGON) had its price target reduced by Morgan Stanley from $55.00 to $52.00 in a research note published on Monday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other equities research analysts have also weighed in on CGON. JPMorgan Chase & Co. assumed coverage on CG Oncology in a report on Friday, May 2nd. They issued an “overweight” rating and a $41.00 price objective for the company. Royal Bank of Canada raised their target price on CG Oncology from $66.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 29th. Scotiabank assumed coverage on CG Oncology in a research note on Wednesday, April 16th. They issued a “sector perform” rating and a $23.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a research note on Monday, April 28th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $75.00 target price on shares of CG Oncology in a research note on Monday, April 28th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $58.22.

CG Oncology Stock Performance

Shares of CGON opened at $26.22 on Monday. The business has a 50-day moving average of $23.34 and a 200 day moving average of $27.97. CG Oncology has a fifty-two week low of $14.80 and a fifty-two week high of $40.47. The firm has a market cap of $2.00 billion, a P/E ratio of -17.36 and a beta of 1.08.

CG Oncology (NASDAQ:CGON) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.36) by ($0.09). 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 $0.05 million during the quarter, compared to analysts’ expectations of $0.53 million. As a group, research analysts predict that CG Oncology will post -1.31 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $30.76, for a total transaction of $30,760.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 7.40% of the company’s stock.

Institutional Trading of CG Oncology

A number of large investors have recently modified their holdings of the business. Decheng Capital LLC boosted its position in shares of CG Oncology by 16.3% during the 4th quarter. Decheng Capital LLC now owns 6,371,669 shares of the company’s stock valued at $182,739,000 after acquiring an additional 892,859 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of CG Oncology by 15.3% during the 4th quarter. Vanguard Group Inc. now owns 5,861,082 shares of the company’s stock valued at $168,096,000 after acquiring an additional 779,730 shares during the last quarter. Braidwell LP boosted its position in shares of CG Oncology by 3.5% during the 4th quarter. Braidwell LP now owns 3,283,317 shares of the company’s stock valued at $94,166,000 after acquiring an additional 112,442 shares during the last quarter. Foresite Capital Management VI LLC bought a new stake in shares of CG Oncology during the 4th quarter valued at about $63,712,000. Finally, Wellington Management Group LLP raised its holdings in shares of CG Oncology by 11.2% during the 1st quarter. Wellington Management Group LLP now owns 2,125,208 shares of the company’s stock valued at $52,046,000 after buying an additional 214,738 shares in the last quarter. Institutional investors 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.