In a recent transaction, Song Hong Fang, a director at CG Oncology, Inc. (NASDAQ:CGON), sold 700,000 shares of the company's common stock. The shares were sold at a price of $28 each, resulting in a total transaction value of $19.6 million. The sale comes as CGON's stock has declined about 13% over the past week, though analysts maintain optimistic price targets ranging from $55 to $86 for the $1.98 billion market cap company. Following this sale, Song Hong Fang retains ownership of 3,003,931 shares through Charming Jade Limited, an entity linked to ORI Healthcare Fund II, L.P., and other associated organizations, as noted in the filing. Additionally, Song holds 586,982 shares through Unique Diamond Investments Limited and 613,928 shares directly. InvestingPro subscribers can access 8 additional key insights about CGON, including detailed financial health analysis and comprehensive research reports that help decode complex investment decisions.
In other recent news, CG Oncology has been the focus of several analyst firms due to positive updates from its Phase 3 BOND-003 study. The study revolves around cretostimogene, a treatment for high-risk non-muscle invasive bladder cancer (NMIBC), which has shown promising results. H.C. Wainwright maintained a Buy rating and a $75.00 stock price target for the company, emphasizing the treatment's strong safety profile and potential for sustained efficacy. Goldman Sachs also reiterated its Buy rating on CG Oncology, maintaining a $52.00 price target, and highlighted the potential of cretostimogene in treating NMIBC.
UBS initiated coverage on CG Oncology with a Buy rating and a $60.00 price target, underlining cretostimogene's potential advantages over competitors. They projected a peak sales opportunity of $1.9 billion for the drug. Roth/MKM issued a Buy rating with a $65.00 price target, citing cretostimogene's potential to capture market share due to its tolerability. These recent developments underscore the ongoing interest in CG Oncology's work in the oncology space. The final analysis from CG Oncology's BOND-003 trial is expected by the end of 2024.
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