CG Oncology (NASDAQ:CGON) Trading Up 7.5% – What’s Next?

CG Oncology, Inc. (NASDAQ:CGON)’s stock price was up 7.5% during mid-day trading on Tuesday . The stock traded as high as $31.95 and last traded at $31.95. Approximately 131,562 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 515,337 shares. The stock had previously closed at $29.72.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CGON. 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. TD Cowen started coverage on shares of CG Oncology in a research report on Tuesday. They issued a “buy” rating on the stock. UBS Group started coverage on shares of CG Oncology in a research note on Thursday, October 24th. They issued a “buy” rating and a $60.00 target price for the company. Royal Bank of Canada reissued an “outperform” rating and set a $66.00 price target on shares of CG Oncology in a research report on Friday, December 6th. Finally, HC Wainwright restated a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a research report on Friday, December 6th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, CG Oncology presently has a consensus rating of “Buy” and an average price target of $63.88.

CG Oncology Trading Down 1.8 %

The business’s fifty day moving average is $32.66 and its 200 day moving average is $34.25.

CG Oncology (NASDAQ:CGON) last released its earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.06. The firm had revenue of $0.04 million during the quarter, compared to analysts’ expectations of $0.30 million. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. Analysts predict that CG Oncology, Inc. will post -1.32 EPS for the current year.

Insider Activity at CG Oncology

In related news, Director Hong Fang Song sold 700,000 shares of CG Oncology stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $28.00, for a total value 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leonard E. Post sold 1,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were 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 Inflows and Outflows

Several institutional investors have recently made changes to their positions in CGON. Yu Fan bought a new position in shares of CG Oncology in the second quarter valued at $49,828,000. State Street Corp lifted its stake in CG Oncology by 73.0% in the third quarter. State Street Corp now owns 1,700,653 shares of the company’s stock valued at $64,166,000 after acquiring an additional 717,722 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in CG Oncology by 575.7% in the third quarter. Point72 Asset Management L.P. now owns 746,063 shares of the company’s stock valued at $28,149,000 after acquiring an additional 635,653 shares during the last quarter. Geode Capital Management LLC grew its position in shares of CG Oncology by 96.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,078,527 shares of the company’s stock valued at $40,701,000 after acquiring an additional 528,749 shares during the period. Finally, Deerfield Management Company L.P. Series C increased its stake in shares of CG Oncology by 811.9% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 433,540 shares of the company’s stock worth $13,687,000 after purchasing an additional 386,000 shares during the last quarter. Institutional investors and hedge funds own 26.56% of the company’s stock.

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.