CG Oncology Shares Soar on Positive Analyst Report for Potential Bladder Cancer Drug
CG Oncology, a biotech firm specialising in non-muscle invasive bladder cancer (NMIBC), has seen its shares soar following a positive analyst report. Guggenheim analyst Brad Canino initiated coverage with a 'buy' rating and a price target of $90 per share, driving the stock up by over 7% in the stock market today. CG Oncology, with a market capitalisation of $3 billion and a current share price of $40.71, is developing an investigational drug called cretostimogene. Canino, an analyst at Jefferies, believes this drug holds significant promise as a treatment for NMIBC. The company is expected to seek FDA approval for the drug in 2023, which could further boost its stock value in the stock market today. The positive analyst report comes amidst a broader market rally, with the S&P 500 also gaining on Wednesday. However, CG Oncology's share price increase outpaced the broader market index, indicating strong investor confidence in the company's prospects in the stock market today. CG Oncology's shares have risen by more than 7% following a 'buy' rating from Guggenheim analyst Brad Canino. The company's investigational drug, cretostimogene, is seen as a potential game-changer in treating NMIBC. With FDA approval expected in 2023, investors are bullish on the company's future in the stock market today.
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