CG Oncology (CGON): Differentiated NMIBC Profile and Broad Market Strategy Support Upside and Buy Rating

Analyst Sam Slutsky from LifeSci Capital maintained a Buy rating on CG Oncology, Inc. and keeping the price target at $90.00.

Sam Slutsky has given his Buy rating due to a combination of factors tied to CG Oncology’s lead asset, cretostimogene, and its position in the non–muscle invasive bladder cancer (NMIBC) landscape. He highlights the therapy’s differentiated dual mechanism as both an oncolytic virus and immune activator, which is associated with strong, durable responses and an apparent best-in-class safety profile, with no severe treatment-related toxicities reported so far. In high-risk, BCG-unresponsive NMIBC, data from the BOND-003 study show high complete response rates that are maintained over time, and the papillary-only cohort demonstrates event-free survival that is competitive with a key rival product, even under a stricter endpoint that counts low-grade recurrences and all-cause cystectomy.

In BCG-naïve high-risk patients, cretostimogene has generated robust complete response rates, and the improved outcomes seen with the streamlined two-step instillation support CG Oncology’s plan to bring this regimen onto the commercial label through bridging data. Slutsky also emphasizes the breadth of the addressable U.S. NMIBC market, with a strategy that spans BCG-unresponsive, BCG-exposed, BCG-naïve, and intermediate-risk populations, totaling well over 150,000 potential patients. Combined with ongoing regulatory progress toward a BLA in BCG-unresponsive high-risk disease and a commercial plan focused on urology practices, these data and strategic elements underpin his view that CG Oncology offers attractive upside potential, justifying a Buy rating on CGON shares.

In another report released on December 11, Wedbush also initiated coverage with a Buy rating on the stock with a $70.00 price target.