CG Oncology Valuation

Is CGON undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CGON when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CGON ($33.47) is trading below our estimate of fair value ($110.85)

Significantly Below Fair Value: CGON is trading below fair value by more than 20%.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for CGON?

Key metric: As CGON barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for CGON. This is calculated by dividing CGON's market cap by their current book value.
What is CGON's PB Ratio?
PB Ratio4.2x
BookUS$536.77m
Market CapUS$2.19b

Price to Book Ratio vs Peers

How does CGON's PB Ratio compare to its peers?

The above table shows the PB ratio for CGON vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average4.7x
CGEM Cullinan Therapeutics
1.2x-9.3%US$711.5m
XENE Xenon Pharmaceuticals
3.9x12.7%US$3.0b
KROS Keros Therapeutics
4.3x-5.0%US$2.2b
SYRE Spyre Therapeutics
9.5x-9.9%US$1.6b
CGON CG Oncology
4.2x31.4%US$2.2b

Price-To-Book vs Peers: CGON is good value based on its Price-To-Book Ratio (4.2x) compared to the peer average (4.7x).


Price to Book Ratio vs Industry

How does CGON's PB Ratio compare vs other companies in the US Biotechs Industry?

60 CompaniesPrice / BookEstimated GrowthMarket Cap
GRAL GRAIL
0.2x35.7%US$550.38m
IMAB I-Mab
0.4x1.8%US$78.16m
ACET Adicet Bio
0.4x6.7%US$75.31m
MGX Metagenomi
0.3x-23.2%US$68.11m
CGON 4.2xIndustry Avg. 1.9xNo. of Companies82PB01.63.24.86.48+
60 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: CGON is expensive based on its Price-To-Book Ratio (4.2x) compared to the US Biotechs industry average (1.8x).


Price to Book Ratio vs Fair Ratio

What is CGON's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CGON PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio4.2x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate CGON's Price-To-Book Fair Ratio for valuation analysis.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CGON forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$33.47
US$66.63
+99.1%
16.3%US$86.00US$51.00n/a8
Nov ’25US$35.91
US$66.75
+85.9%
16.0%US$86.00US$52.00n/a8
Oct ’25US$36.90
US$67.38
+82.6%
15.4%US$86.00US$52.00n/a8
Sep ’25US$36.88
US$67.57
+83.2%
16.4%US$86.00US$52.00n/a7
Aug ’25US$33.84
US$67.67
+100.0%
18.3%US$86.00US$50.00n/a6
Jul ’25US$31.72
US$67.67
+113.3%
18.3%US$86.00US$50.00n/a6
Jun ’25US$32.58
US$68.20
+109.3%
19.8%US$86.00US$50.00n/a5
May ’25US$40.62
US$66.80
+64.5%
23.3%US$86.00US$43.00n/a5
Apr ’25US$42.76
US$66.60
+55.8%
23.8%US$86.00US$42.00n/a5
Mar ’25US$43.98
US$66.60
+51.4%
23.8%US$86.00US$42.00n/a5

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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