CG Oncology (NASDAQ:CGON) Stock Price Up 2.5% – Here’s Why

CG Oncology, Inc. (NASDAQ:CGON)’s share price rose 2.5% during trading on Friday . The stock traded as high as $29.90 and last traded at $29.85. Approximately 328,509 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 667,276 shares. The stock had previously closed at $29.11.

Wall Street Analysts Forecast Growth

CGON has been the topic of a number of analyst reports. Bank of America reaffirmed a “buy” rating and set a $65.00 price objective on shares of CG Oncology in a research note on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and set a $66.00 price target on shares of CG Oncology in a research report on Friday, December 6th. HC Wainwright reiterated a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a research report on Friday, December 6th. Finally, UBS Group began coverage on CG Oncology in a research report on Thursday, October 24th. They set a “buy” rating and a $60.00 target price on the stock. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, CG Oncology has an average rating of “Buy” and an average target price of $63.88.

CG Oncology Trading Up 3.2 %

The business has a fifty day simple moving average of $33.90 and a 200 day simple moving average of $34.53.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.06. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. The firm had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million. Equities research analysts expect that CG Oncology, Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity at CG Oncology

In other news, Director Hong Fang Song sold 700,000 shares of CG Oncology stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $28.00, for a total transaction of $19,600,000.00. Following the sale, the director now owns 3,003,931 shares of the company’s stock, valued at approximately $84,110,068. The trade was a 18.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $34.54, for a total value of $34,540.00. The disclosure for this sale can be found here.

Institutional Trading of CG Oncology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its position in shares of CG Oncology by 38.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 89,344 shares of the company’s stock worth $2,821,000 after purchasing an additional 24,801 shares during the period. Rhumbline Advisers raised its holdings in shares of CG Oncology by 13.0% in the 2nd quarter. Rhumbline Advisers now owns 34,229 shares of the company’s stock valued at $1,081,000 after purchasing an additional 3,940 shares in the last quarter. TD Asset Management Inc acquired a new position in shares of CG Oncology during the 2nd quarter worth about $2,939,000. Massachusetts Financial Services Co. MA raised its position in shares of CG Oncology by 2.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 266,787 shares of the company’s stock worth $8,422,000 after acquiring an additional 6,899 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in CG Oncology by 204.2% during the second quarter. Renaissance Technologies LLC now owns 43,200 shares of the company’s stock worth $1,364,000 after purchasing an additional 29,000 shares during the last quarter. 26.56% of the stock is currently owned by hedge funds and other institutional investors.

About CG Oncology

CG Oncology, Inc, an oncolytic immunotherapy company, focuses on developing and commercializing backbone bladder-sparing therapeutics for patients with bladder cancer. The company develops BOND-003 for the treatment of high-risk bacillus calmette guerin (BCG)-unresponsive non-muscle invasive bladder cancer (NMIBC) patients; CORE-001 to treat cretostimogene in combination with pembrolizumab in high-risk BCG-unresponsive NMIBC patients; and CORE-002 for the treatment of cretostimogene in combination with the checkpoint inhibitor nivolumab in muscle invasive bladder cancer patients.