CG Oncology (NASDAQ:CGON) Trading Down 7.7% – What’s Next?

CG Oncology, Inc. (NASDAQ:CGON)’s share price traded down 7.7% on Thursday . The stock traded as low as $29.24 and last traded at $29.29. 632,339 shares were traded during mid-day trading, a decline of 2% from the average session volume of 642,369 shares. The stock had previously closed at $31.73.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CGON shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $66.00 target price on shares of CG Oncology in a report on Friday, December 6th. HC Wainwright reiterated a “buy” rating and issued a $75.00 price target on shares of CG Oncology in a research report on Friday, December 6th. Roth Mkm began coverage on shares of CG Oncology in a research report on Tuesday, August 27th. They issued a “buy” rating and a $65.00 price target on the stock. UBS Group initiated coverage on shares of CG Oncology in a research report on Thursday, October 24th. They issued a “buy” rating and a $60.00 price target on the stock. Finally, Roth Capital raised CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, CG Oncology currently has an average rating of “Buy” and a consensus price target of $63.88.

CG Oncology Stock Performance

The company has a 50 day simple moving average of $35.23 and a two-hundred day simple moving average of $34.89.

CG Oncology (NASDAQ:CGON) last released its earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share 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 company had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $0.30 million. As a group, equities research analysts forecast that CG Oncology, Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling at CG Oncology

In other news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $34.54, for a total transaction of $34,540.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Institutional Investors Weigh In On CG Oncology

Several institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System acquired a new stake in CG Oncology in the 1st quarter worth approximately $103,000. Bank of New York Mellon Corp lifted its holdings in CG Oncology by 38.4% in 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 last quarter. Rhumbline Advisers lifted its holdings in CG Oncology by 13.0% in the 2nd quarter. Rhumbline Advisers now owns 34,229 shares of the company’s stock worth $1,081,000 after purchasing an additional 3,940 shares during the last quarter. TD Asset Management Inc acquired a new stake in CG Oncology in the 2nd quarter worth approximately $2,939,000. Finally, Massachusetts Financial Services Co. MA lifted its holdings in CG Oncology by 2.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 266,787 shares of the company’s stock worth $8,422,000 after purchasing an additional 6,899 shares during the last quarter. 26.56% of the stock is currently owned by institutional investors and hedge funds.

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.