CG Oncology has surged 131% over the past year, with shares climbing 54% year-to-date and 20% in the last month to reach $64.29. The cancer-focused biotech has attracted investor attention amid progress in its pipeline. A discounted cash flow analysis suggests the stock may still be undervalued. The model projects free cash flow will shift from losses of $225 million in 2026 and $200 million in 2027 to positive $21 million in 2028, $340 million in 2029 and $590 million in 2030, based on analyst estimates through 2030. The DCF model estimates an intrinsic value of $304 per share, implying the current price is 79% undervalued according to this cash flow-based approach. CG Oncology scores three out of six on valuation checks.

H.C. Wainwright has raised its price target on CG Oncology to $80 from $75, maintaining a Buy rating. The analyst cited the company's progress toward a biologics application submission for cretostimogene in high-risk non-muscle invasive bladder cancer, supported by strong safety and durability data. CG Oncology reported FY25 revenue of $4.04 million, exceeding the $515,180 consensus estimate. The company expects topline data from its Phase 3 PIVOT-006 trial in intermediate-risk NMIBC in the coming months, which H.C. Wainwright identified as a key 2026 catalyst. CEO Arthur Kuan described PIVOT-006 as the first randomised registrational trial evaluating an investigational therapy in intermediate-risk NMIBC. Results from the CORE-008 study evaluating cretostimogene combined with gemcitabine are expected next quarter.