$7B Biotech Company Leaves OC For Texas, Citing Business Advantages: Report

CG Oncology (NASDAQ: CGON) reported Q2 2026 results for the quarter ended June 30, 2026, with net loss of $79.1 million, or $0.90 per share. Cash, cash equivalents and marketable securities were about $1.0 billion, funding operations through 2029. The company said PIVOT-006 topline data are expected soon, and a BLA for HR BCG-unresponsive NMIBC is expected in Q4 2026.

CG Oncology, Inc. (CGON) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 CG Oncology Reports Second Quarter 2026 Financial Results and Provides Business Updates • PIVOT-006 Phase 3 topline data evaluating cretostimogene monotherapy as an adjuvant therapy in intermediate-risk NMIBC anticipated in the near-term • BLA completion for HR BCG-u

BTIG kept its Buy rating on Avalo Therapeutics with a $10.00 price target, suggesting a 34.2% upside from the Oct 22 close. The firm cited strong Phase 2 trial results for lead asset Abdakibart, favorable safety profile, and market opportunity in hidradenitis suppurativa.

BNP Paribas raised its price target for Lockheed Martin (LMT) to $670 from $560, while Barclays adjusted its target to $560 from $554. The stock has seen a 5-day increase of 6.96% and a year-to-date gain of 21.97%.

Keefe Bruyette upgraded Valley National Bancorp (VLY) to Outperform with a $17.00 price target, citing net interest income growth, valuation discount, and strong earnings metrics. The stock has a P/E ratio of 11.66, PEG ratio of 0.21, and a 3.19% dividend yield. VLY reported Q3 2026 earnings of $0.36 per share, beating estimates, with revenue of $584.15 million. The company expects to meet high-end guidance for 2026.

JPMorgan downgraded Norwegian Cruise Line to Underweight from Neutral, setting a price target of $11. The stock has seen a 5-day change of 15.54 USD, a 1st Jan change of -0.32%, and a year-to-date change of -30.38%.