Scotiabank Initiates Coverage on CG Oncology (NASDAQ:CGON)

Scotiabank initiated coverage on shares of CG Oncology (NASDAQ:CGON) in a research note issued to investors on Wednesday morning, MarketBeat reports. The brokerage issued a sector perform rating and a $23.00 target price on the stock.

CGON has been the subject of several other research reports. HC Wainwright reiterated a “buy” rating and issued a $75.00 price target on shares of CG Oncology in a research report on Monday, March 31st. Morgan Stanley reaffirmed an “overweight” rating and issued a $55.00 target price on shares of CG Oncology in a report on Friday, March 7th. Finally, TD Cowen initiated coverage on CG Oncology in a report on Tuesday, January 7th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $59.33.

CG Oncology Price Performance

NASDAQ CGON opened at $20.22 on Wednesday. The company has a fifty day moving average of $24.61 and a two-hundred day moving average of $30.04. The company has a market capitalization of $1.54 billion, a PE ratio of -14.24 and a beta of 1.24. CG Oncology has a 1 year low of $14.80 and a 1 year high of $46.99.

CG Oncology (NASDAQ:CGON) last released its quarterly earnings results on Tuesday, March 25th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.11). 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 $0.46 million for the quarter, compared to analysts’ expectations of $0.11 million. On average, research analysts expect that CG Oncology will post -1.31 earnings per share for the current year.

Hedge Funds Weigh In On CG Oncology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. purchased a new stake in shares of CG Oncology in the fourth quarter valued at approximately $41,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in CG Oncology in the fourth quarter valued at $68,000. GAMMA Investing LLC boosted its position in shares of CG Oncology by 1,051.0% during the 1st quarter. GAMMA Investing LLC now owns 2,302 shares of the company’s stock worth $56,000 after purchasing an additional 2,102 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of CG Oncology during the 4th quarter worth $100,000. Finally, Federated Hermes Inc. acquired a new position in shares of CG Oncology during the 4th quarter worth $172,000. Institutional investors and hedge funds own 26.56% of the company’s stock.

About CG Oncology

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.