Scoping Out a Better Entry; Initiate at Peer Perform

研报英文原文证据摘录

Scoping Out a Better Entry; Initiate at Peer Perform

Biotechnology - Oncology & Rare Diseases

Oncology - Market Overweight

CG ONCOLOGY, INC. (CGON) May 19, 2026

Scoping Out a Better Entry; Initiate at Peer Perform Rating:

Peer Perform

The Wolfe Byte Price: $62.93

Creto's PIVOT-006 Ph3 in intermediate-risk (1H26E) and potential approval in Price Target:

BCG-unresponsive NMIBC are the biggest near-term events. While we're positive NA

on both, we are cautious on the early launch in BCG-UR and adoption in IR NMIBC. View CGON Model

View Comp Table

The stock has appreciated ~150% over the last year, and while we are optimistic Company Information

on creto’s approvability in HR BCG-UR NMIBC, we are softer on its early launch vs. 52-Week Range $24 - $74

Market Cap. (MM) $5,551

consensus. Enterprise Value (MM) $4,250

Shares Out. (MM) 88.2

1. We think creto’s product profile is slightly differentiated from Inlexzo’s in Avg. Value Traded (MM) $79.54

HR BCG-UR NMIBC and sufficient to drive meaningful sales in the long- SI% of Float 16.5%

term after a potential approval ('27E) based on Ph3 BOND-003 C. Near term,

however, we expect uptake to be tempered by Inlexzo’s established market 80

position and inertia of practice workflows, in addition to potential storage- 70

related logistical hurdles. Longer-term, as CGON solves for storage issues and 60

offers a more durable product with future updates, we think creto will become 50

a stronghold for many pts. 30

2. PIVOT-006 Ph3 topline in IR NMIBC is expected 1H26E, and we’re optimistic 20

on the outcome but cautious on adoption. A nearly ~1 year acceleration Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

in readout timelines, precedent readouts, and an analysis of trial design Source:CGONFactSet