CG Oncology price target raised to $72 from $65 at BofA

BofA analyst Alec Stranahan raised the firm’s price target on CG Oncology (CGON) to $72 from $65 and keeps a Buy rating on the shares. The firm views today’s data from J&J’s (JNJ) Erda-iDRS as validating that intermediate-risk non-muscle-invasive bladder cancer remains a clinically meaningful and commercially setting, but the firm would also argue that it does not provide information on the direct competitive threat to creto. The firm added that it raised its price target on CG as it increases peak market share in the IR NMBIC adjuvant setting to 32%, which increases its per share contribution from the IR setting.