CG Oncology (NASDAQ:CGON) Sets New 1-Year Low – What’s Next?

CG Oncology, Inc. (NASDAQ:CGON) shares hit a new 52-week low on Tuesday . The company traded as low as $23.16 and last traded at $23.43, with a volume of 213578 shares trading hands. The stock had previously closed at $24.49.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CGON shares. Royal Bank of Canada reissued an “outperform” rating and issued a $66.00 price target on shares of CG Oncology in a research note on Friday, December 6th. Morgan Stanley restated an “overweight” rating and set a $55.00 price target on shares of CG Oncology in a research note on Friday, March 7th. HC Wainwright restated a “buy” rating and set a $75.00 target price on shares of CG Oncology in a report on Monday. Finally, TD Cowen began coverage on shares of CG Oncology in a research report on Tuesday, January 7th. They issued a “buy” rating for the company. Nine 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, the stock has an average rating of “Buy” and an average target price of $63.88.

CG Oncology Stock Down 6.7 %

The company has a market cap of $1.58 billion, a price-to-earnings ratio of -14.62 and a beta of 1.60. The business’s fifty day simple moving average is $27.50 and its two-hundred day simple moving average is $31.57.

CG Oncology (NASDAQ:CGON) last announced its quarterly earnings results on Tuesday, March 25th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.11). The company had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $0.11 million. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. Sell-side analysts predict that CG Oncology, Inc. will post -1.31 EPS for the current fiscal year.

Insider Activity at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $29.66, for a total transaction of $29,660.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Institutional Investors Weigh In On CG Oncology

Several hedge funds have recently made changes to their positions in CGON. Foresite Capital Management VI LLC purchased a new stake in CG Oncology during the 4th quarter valued at approximately $63,712,000. Marshall Wace LLP grew its position in CG Oncology by 18,836.0% in the 4th quarter. Marshall Wace LLP now owns 1,458,072 shares of the company’s stock valued at $41,818,000 after buying an additional 1,450,372 shares during the last quarter. Wellington Management Group LLP increased its stake in CG Oncology by 274.4% in the 4th quarter. Wellington Management Group LLP now owns 1,910,470 shares of the company’s stock valued at $54,792,000 after buying an additional 1,400,251 shares during the period. Acorn Capital Advisors LLC purchased a new position in CG Oncology during the 4th quarter worth $32,451,000. Finally, Decheng Capital LLC boosted its holdings in shares of CG Oncology by 16.3% in the fourth quarter. Decheng Capital LLC now owns 6,371,669 shares of the company’s stock valued at $182,739,000 after acquiring an additional 892,859 shares in the last quarter. Institutional investors and hedge funds 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.