CG Oncology (NASDAQ:CGON) Shares Down 4.3% – Should You Sell?

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on CGON. Bank of America reiterated a “buy” rating and issued a $65.00 target price on shares of CG Oncology in a research report on Tuesday, October 8th. Roth Capital upgraded shares of CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. UBS Group assumed coverage on CG Oncology in a research report on Thursday, October 24th. They set a “buy” rating and a $60.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $75.00 price objective on shares of CG Oncology in a report on Friday, December 6th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $66.00 target price on shares of CG Oncology in a research report on Friday, December 6th. Eight equities research 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.com, the stock currently has an average rating of “Buy” and a consensus price target of $63.88.

CG Oncology Stock Performance

The company has a fifty day simple moving average of $34.99 and a two-hundred day simple moving average of $34.86.

CG Oncology (NASDAQ:CGON) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share 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 the consensus estimate of $0.30 million. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. On average, equities analysts predict that CG Oncology, Inc. will post -1.32 EPS for the current year.

Insider Activity

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

Hedge Funds Weigh In On CG Oncology

Large investors have recently bought and sold shares of the company. Amalgamated Bank increased its position in shares of CG Oncology by 107.6% during the third quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock worth $61,000 after buying an additional 840 shares during the period. Rhumbline Advisers grew its position in 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 during the period. M&T Bank Corp increased its position in shares of CG Oncology by 55.7% during the third quarter. M&T Bank Corp now owns 16,758 shares of the company’s stock worth $632,000 after acquiring an additional 5,996 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of CG Oncology in the third quarter worth approximately $241,000. Finally, Massachusetts Financial Services Co. MA lifted its stake in CG Oncology by 2.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 266,787 shares of the company’s stock valued at $8,422,000 after acquiring an additional 6,899 shares in the last quarter. 26.56% of the stock is currently owned by institutional investors.

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.