JPMorgan ups CG Oncology target, adds ‘Positive Catalyst Watch’

JPMorgan raised the firm’s price target on CG Oncology (CGON) to $91 from $65 and keeps an Overweight rating on the shares. JPMorgan also placed CG on “Positive Catalyst Watch” heading into the biologics license application update and PIVOT-6’s top line results in the coming weeks. The early launch momentum of competitor Johnson & Johnson’s (JNJ) validates the opportunity for “up-and-comers” like CG’s cretostimogene grenadenorepvec in BCG-unresponsive non-muscle invasive bladder cancer, the analyst tells investors in a research note. JPMorgan is “increasingly confident” heading into CG Oncology’s progress update and the PIVOT-6 data.