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Investing.com - Goldman Sachs has resumed coverage on CG Oncology (NASDAQ:CGON) with a Buy rating and a price target of $40.00 on Thursday. The stock, currently trading at $27.04, appears fairly valued according to InvestingPro analysis, with analyst targets ranging from $23 to $82.
The investment bank’s analysis focuses on CG Oncology’s cretostimogene treatment for bladder cancer, noting its competitive clinical profile when compared to TAR-200.
Goldman Sachs identifies cretostimogene’s safety profile and emerging advantage in duration of response as key strengths, while acknowledging TAR-200’s physician-favored delivery mode and expected first-to-market advantage.
The firm points out significant gaps remain in physician understanding of the cretostimogene delivery process, including requirements for hood and freezer components.
Goldman Sachs anticipates both cretostimogene and TAR-200 will gain meaningful market share within the bladder cancer treatment space, with potential for sequential use of both agents.
In other recent news, CG Oncology has been the focus of several analyst reports highlighting its developments in the treatment of non-muscle invasive bladder cancer (NMIBC). UBS has maintained its Buy rating with a $60 price target, emphasizing the promising data from CG Oncology’s Cretostimogene, which showed a stable 12-month complete response rate of 46.4% and a longer median duration of response compared to a competing therapy, TAR-200. Meanwhile, Cantor Fitzgerald has reiterated its Overweight rating with a price target of $75, citing the potential for Cretostimogene to achieve over $2 billion in peak worldwide sales, especially as a follow-up treatment for patients relapsing after TAR-200.
JPMorgan initiated coverage with an Overweight rating and a $41 price target, noting CG Oncology’s strategic positioning in a competitive market and highlighting the safety and efficacy of Cretostimogene. Morgan Stanley (NYSE:MS) also maintained an Overweight rating, raising its price target from $52 to $56, based on projected timelines for the Biologics License Application and potential revenue from NMIBC patients. The firm pointed out the significant opportunity for CG Oncology’s treatment in the NMIBC space.
These recent developments follow updates from the American Urological Association conference, where CG Oncology’s product received favorable comparisons against competitors. Analysts from UBS and Cantor Fitzgerald have noted the shift in expert opinion towards Cretostimogene, driven by its efficacy and safety profile. The evolving landscape, marked by a shortage of standard treatments, presents a promising outlook for CG Oncology’s advancements in NMIBC therapy.
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