CG Oncology (NASDAQ:CGON) Shares Down 4.3% – Here’s Why

CG Oncology, Inc. (NASDAQ:CGON) shares fell 4.3% on Thursday . The company traded as low as $27.00 and last traded at $27.22. 160,414 shares were traded during mid-day trading, a decline of 76% from the average session volume of 662,182 shares. The stock had previously closed at $28.45.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CGON. Roth Mkm started coverage on CG Oncology in a report on Tuesday, August 27th. They set a “buy” rating and a $65.00 target price on the stock. UBS Group initiated coverage on CG Oncology in a research note on Thursday, October 24th. They issued a “buy” rating and a $60.00 target price for the company. Roth Capital raised shares of CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. HC Wainwright restated a “buy” rating and set a $75.00 price objective on shares of CG Oncology in a research report on Friday, December 6th. Finally, Bank of America reiterated a “buy” rating and issued a $65.00 target price on shares of CG Oncology in a report on Tuesday, October 8th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $63.88.

CG Oncology Price Performance

The stock’s fifty day simple moving average is $34.59 and its 200-day simple moving average is $34.72.

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

Insider Activity at CG Oncology

In other CG Oncology news, 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 transaction of $34,540.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Hong Fang Song sold 700,000 shares of the company’s stock in a transaction on 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 disclosure for this sale can be found here.

Institutional Investors Weigh In On CG Oncology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Amalgamated Bank lifted its position in CG Oncology by 107.6% during the 3rd quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock worth $61,000 after acquiring an additional 840 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in CG Oncology during the 3rd quarter valued at $241,000. Profund Advisors LLC acquired a new stake in shares of CG Oncology during the second quarter valued at about $300,000. HighVista Strategies LLC purchased a new stake in shares of CG Oncology during the third quarter worth about $594,000. Finally, M&T Bank Corp boosted its holdings in CG Oncology by 55.7% in the third quarter. M&T Bank Corp now owns 16,758 shares of the company’s stock valued at $632,000 after purchasing an additional 5,996 shares during the last quarter. Hedge funds and other institutional investors own 26.56% of the company’s stock.

CG Oncology Company Profile

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.