mapo Roth started coverage of CG Oncology ( NASDAQ: CGON ) with a buy rating, citing expected shares momentum ahead of the anticipated submission of a market application for the company’s bladder cancer drug cretostimogene. Roth said Phase 3 results for the drug could be released at the Society of Urologic Oncology meeting in early December. It sees an approximately 15% upside and 10% downside based on the stock’s closing price on Aug.
26. The firm believes cretostimogene’s tolerability differentiates it from competing products and could help it gain market share in the BCG-unresponsive, high-risk NMIBC market. It also sees the product having a 50% probability of success in treating intermediate-risk NMIBC.
Roth estimates the market opportunity for cretostimogene in treating incident cases of BCG-unresponsive, high-risk NMIBC and intermediate-risk NMIBC could exceed $2B. “However, our worldwide sales estimate does not include prevalent NMIBC patients, which is believed to be twice as large as the incident population according to various KOLs and CGON’s market research,” Roth added. Roth set a price target for the stock at $65.
CG Oncology held its initial public offering in January. More on CG Oncology, Inc. CG Oncology: Promising Data, But Looks Expensive CG Oncology Bringing Undervalued Innovation To Bladder Cancer Historical earnings data for CG Oncology, Inc.
Financial information for CG Oncology, Inc..
