CG Oncology, Inc. (NASDAQ: CGON) achieved a new 52-week high on October 3, 2023, with shares trading at a peak price of $57.62. The stock’s last recorded price stood at $57.6050, with a trading volume of 287,964 shares, compared to its previous close of $54.69. This surge has prompted discussions among analysts regarding the stock’s future performance.
Analyst Ratings and Price Forecasts
A number of research analysts have recently revised their ratings for CG Oncology. Wall Street Zen upgraded the company’s stock from a “sell” rating to a “hold” rating in a note released on October 3. Meanwhile, JPMorgan Chase & Co. increased its price target for CG Oncology from $41.00 to $47.00, assigning it an “overweight” rating on September 26.
In contrast, Weiss Ratings maintained a “sell (d-)” rating on the stock as of October 4. Truist Financial raised its target price significantly from $62.00 to $66.00, affirming a “buy” rating on January 9. Additionally, The Goldman Sachs Group reiterated a “buy” rating with a target price of $82.00 on January 12. Overall, eleven analysts have rated CG Oncology as a Buy, two have issued a Hold rating, and one has provided a Sell rating. According to MarketBeat, the stock currently holds an average rating of “Moderate Buy” with a consensus target price of $67.83.
Recent Earnings and Insider Transactions
CG Oncology reported earnings results on November 14, 2023, revealing an earnings per share (EPS) of ($0.57), which met analysts’ expectations. The firm generated $0.16 million in revenue for the quarter, surpassing the consensus estimate of $0.07 million. Analysts project that CG Oncology will report an EPS of ($1.31) for the current fiscal year.
In related news, insider trading activity has been observed. Director Leonard E. Post sold 1,000 shares on November 17 at an average price of $41.43, totaling $41,430.00. Director James Mulay also sold 11,145 shares on January 9, with an average selling price of $52.47, amounting to $584,778.15. Corporate insiders hold approximately 7.40% of the company’s stock.
Institutional Investments and Company Overview
Recent activity among institutional investors has also influenced CG Oncology’s stock dynamics. Strengthening Families & Communities LLC established a new position in the third quarter valued at $40,000, while Winthrop Capital Management LLC acquired shares worth around $38,000 in the second quarter. Mirae Asset Global Investments Co. Ltd. increased its stake by 15.6%, now owning 2,945 shares valued at $77,000 after an additional purchase of 398 shares.
Overall, hedge funds and institutional investors collectively own 26.56% of CG Oncology’s stock.
CG Oncology, based in South San Francisco, California, is a clinical-stage biopharmaceutical firm dedicated to developing innovative antibody-based immunotherapies for solid tumor cancers. The company uses a platform-driven approach to identify and refine antibody candidates that interact with critical immune checkpoints and co-stimulatory pathways in the tumor microenvironment. Its research pipeline includes several preclinical programs and early-phase clinical trials aimed at assessing safety and preliminary anti-tumor efficacy.
Investors and analysts alike will continue to monitor CG Oncology’s performance and market trends as the company progresses in its clinical endeavors.
