Why Cg Oncology Stock Rocketed 7% Higher Today
Key Points
An analyst initiated coverage with a bullish research report on the biotech.
He feels the stock's price can double and then some.
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Highly specialized biotech CG Oncology (NASDAQ: CGON) was the subject of a new research report Wednesday, and its bullish tone helped lift the company's share price. This improved by more than 7% on the day, easily beating the 0.6% advance of the bellwether S&P 500 (SNPINDEX: ^GSPC).
A biotech with a tight focus
That publication marked the initiation of coverage on CG Oncology stock by veteran researcher Guggenheim, in the person of prognosticator Brad Canino. He rated the company's shares a buy at a price target of $90 per share, which is more than double their latest closing price.
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CG Oncology is a clinical-stage company that, at present, is intensely concentrated on treating one type of cancer -- non-muscle invasive bladder cancer, or NMIBC. According to reports, Canino believes the prospects for successfully developing a drug to treat this are considerable.
He pointed out that there is a large addressable market, and a successful developer could enjoy significant pricing power with an effective treatment. Canino thinks CG Oncology's investigational cretostimogene could be that drug, as it has been demonstrated to be efficacious and safe in clinical trials.
Miles to go
As always with biotechs, I have to caution that there is a long and difficult road to success for even the most promising medicines being developed in labs.
CG Oncology has a strong candidate that might just earn Food and Drug Administration (FDA) approval next year (as that's when it'll be reviewed by the regulator). So there's more than a little reason to be optimistic -- albeit cautiously -- on its prospects.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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