CG Oncology

CGON · NASDAQ

$61.93+$1.97 (+3.29%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $59.96

CGON analyst rating

BuyConsensus of 8 analysts over the last 12 months. 88% rate it a buy.

Strong buy0
Buy7
Hold1
Underperform0
Sell0

12-month price target · 15 analysts

Average $92.48 (+49.3% upside)

Low: $79.79
Now: $61.93
High: $113.40

Upgrades and downgrades

The latest rating actions, newest first

CGON analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Aug 7, 2026	Maintains	Outperform	$81.00 → $79.00	49%
Piper Sandler	Aug 7, 2026	Maintains	Overweight	$82.00 → $85.00	70%
Truist Securities	Aug 7, 2026	Maintains	Buy	$82.00 → $85.00	47%
Wolfe Research	May 19, 2026	Initiates	Peer Perform	—	37%
HC Wainwright & Co.	May 18, 2026	Maintains	Buy	$100.00	41%
Truist Securities	May 14, 2026	Maintains	Buy	$77.00 → $82.00	47%
JP Morgan	May 11, 2026	Maintains	Overweight	$91.00 → $96.00	40%
RBC Capital	May 11, 2026	Maintains	Outperform	$79.00 → $81.00	49%
Truist Securities	May 11, 2026	Maintains	Buy	$75.00 → $77.00	47%
Wedbush	May 11, 2026	Maintains	Outperform	$77.00 → $80.00	40%

The case for and against

Updated Oct 21, 2026

Bull case

CG Oncology is supported by a differentiated intravesical oncolytic immunotherapy platform that has already generated encouraging complete response rates and a clean safety profile in NMIBC, where unmet need remains high and the global BCG shortage should keep demand for alternatives elevated. Its lead program is advancing through multiple near-term catalysts, including the PIVOT-006 topline in the near term and a BLA still on track for completion in 4Q26, with the latter potentially supporting $38M in revenues in '27 and a path toward a multi-billion-dollar opportunity by 2034-2035. Financially, the company has $1B in cash and cash equivalents, enough to fund operations through 2029, while the pipeline breadth across BOND-003, CORE-008, and combination work with gemcitabine adds meaningful upside beyond the core filing.

Bear case

CG Oncology is highly dependent on a single clinical asset, cretostimogene grenadenorepvec, so any disappointing readout in the phase three IR/HRNMIBC studies or the phase two checkpoint-inhibitor combination could materially weaken the investment case. The company also faces meaningful regulatory, execution, and competitive risk, as delays to approval, opaque data disclosure, or stronger rivals such as TAR-200 could limit share accrual and shrink its addressable opportunity. As a late-stage biopharmaceutical company with no approved products, CG Oncology may also need additional equity financing to complete development, increasing dilution risk and pressuring valuation if clinical or commercialization milestones slip.

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