Truist Securities increased its price target for CG Oncology (NASDAQ:CGON) to $75.00 from $66.00 and kept a Buy rating, the firm announced on Tuesday. The move accompanies an upward revision to Truist's peak sales estimate for Creto in intermediate-risk non-muscle invasive bladder cancer, and follows the company’s decision to accelerate its Phase 3 PIVOT-006 trial.
Shares in CG Oncology were trading at approximately $51.08 at the time of the announcement. Across analysts, price targets range from $60 to $108. InvestingPro data cited in the report indicates that the stock appears overvalued relative to a calculated Fair Value.
Truist highlighted the opportunity in intermediate-risk non-muscle invasive bladder cancer - abbreviated IR NMIBC - as a sizeable addressable market where competition is comparatively limited. The research note described CG Oncology’s Creto as the most advanced candidate in that space with broad coverage across disease presentations, including low-grade and high-grade Ta lesions as well as newly diagnosed patients.
Following its market analysis, Truist raised its peak sales estimate for Creto in IR NMIBC to $1.8 billion from $1.4 billion. That adjustment contributed to the higher price target.
The research team assigned a 55% probability of success to its good and best-case scenarios for the upcoming PIVOT-006 topline readout. Truist also noted the potential for roughly 30% movement in the stock price in either direction depending on the trial results.
Operational developments at CG Oncology factored into analysts’ thinking. The company filed an amendment with the Securities and Exchange Commission to increase its at-the-market common stock offering to $550 million. The amendment permits an additional $300 million in shares, expanding the program from the previously disclosed $250 million.
Separately, CG Oncology has accelerated the timeline for the Phase 3 PIVOT-006 clinical trial. Topline data are now expected in the first half of 2026, a shift of nearly a year earlier than previous guidance. The company attributed the faster timeline to rapid completion of patient enrollment across a network exceeding 90 clinical sites.
Other brokerage activity coincided with these developments. The report notes a prior Truist target at $66 with a Buy rating that pointed to the accelerated trial schedule as a key driver. Morgan Stanley has also adjusted its outlook, raising its price target to $93 with an Overweight rating, citing strong execution and physician engagement in CG Oncology’s oncology programs.
On valuation and financial metrics, InvestingPro data show CG Oncology carries a market capitalization of $4.12 billion and is not yet profitable, with a net loss recorded over the trailing twelve months.
Context and implications
The posturing by analysts reflects a combination of clinical and capital market developments: an accelerated pivotal trial timetable, a larger modeled revenue opportunity for Creto, and refreshed financing capacity through an expanded at-the-market offering. These factors are being weighed alongside prevailing valuation assessments and the binary risk inherent to late-stage oncology readouts.