Bank of America Initiates Coverage on CG Oncology (NASDAQ:CGON)

Bank of America initiated coverage on shares of CG Oncology (NASDAQ:CGON) in a research note issued to investors on Friday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $65.00 target price on the stock.

A number of other analysts have also weighed in on the stock. The Goldman Sachs Group raised shares of CG Oncology from a neutral rating to a buy rating and upped their price objective for the stock from $43.00 to $50.00 in a research note on Monday, May 13th. HC Wainwright reissued a buy rating and set a $75.00 price target on shares of CG Oncology in a research report on Tuesday, May 28th. Finally, Cantor Fitzgerald reissued an overweight rating and set a $75.00 price target on shares of CG Oncology in a research report on Thursday, May 2nd. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $64.00.

CG Oncology Stock Up 4.4 %

Shares of CGON opened at $31.57 on Friday. CG Oncology has a 12-month low of $25.77 and a 12-month high of $50.23. The company’s fifty day moving average is $33.50.

CG Oncology (NASDAQ:CGON) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.01). The company had revenue of $0.53 million for the quarter. Analysts predict that CG Oncology will post -1.71 EPS for the current year.

Hedge Funds Weigh In On CG Oncology

Several hedge funds have recently modified their holdings of the stock. Decheng Capital LLC acquired a new position in shares of CG Oncology during the first quarter valued at about $239,642,000. Vanguard Group Inc. acquired a new position in shares of CG Oncology during the first quarter valued at about $97,678,000. BVF Inc. IL acquired a new position in CG Oncology in the 1st quarter worth approximately $82,716,000. Janus Henderson Group PLC acquired a new position in CG Oncology in the 1st quarter worth approximately $66,757,000. Finally, RA Capital Management L.P. acquired a new position in CG Oncology in the 1st quarter worth approximately $61,347,000. 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.