JonesTrading analyst Soumit Roy has maintained their bullish stance on CGON stock, giving a Buy rating on October 7.
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Soumit Roy’s rating is based on several promising developments at CG Oncology, Inc. The company is on the verge of releasing key interim updates for its cretostimogene drug in both BCG-Naive and BCG-Exposed non-muscle invasive bladder cancer (NMIBC) settings, which could significantly expand the total addressable market. The potential expansion into BCG-naive patients alone could increase the market by approximately 40%, while the BCG-exposed population represents an even larger, underappreciated market opportunity.
Additionally, CG Oncology is simplifying the administration process of its drug, which could accelerate market adoption. The company is also seen as a potential acquisition target, with its current enterprise value considered reasonable for such a move. With projected peak sales and a fair valuation, CG Oncology’s strategic initiatives and market potential underpin the Buy rating given by Soumit Roy.
In another report released on October 7, Guggenheim also initiated coverage with a Buy rating on the stock with a $90.00 price target.
CGON’s price has also changed dramatically for the past six months – from $20.220 to $41.850, which is a 106.97% increase.