CG Oncology (NASDAQ:CGON) Shares Down 7.7% – Time to Sell?

Shares of CG Oncology, Inc. (NASDAQ:CGON) traded down 7.7% on Thursday . The company traded as low as $29.24 and last traded at $29.29. 632,339 shares changed hands during trading, a decline of 2% from the average session volume of 642,369 shares. The stock had previously closed at $31.73.

Analyst Ratings Changes

A number of brokerages recently weighed in on CGON. Bank of America reaffirmed a “buy” rating and set a $65.00 price target on shares of CG Oncology in a research report on Tuesday, October 8th. Roth Capital upgraded CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. HC Wainwright reissued a “buy” rating and set a $75.00 price target on shares of CG Oncology in a research report on Friday, December 6th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of CG Oncology in a research report on Friday, December 6th. Finally, Roth Mkm assumed coverage on shares of CG Oncology in a research report on Tuesday, August 27th. They set a “buy” rating and a $65.00 target price on the stock. 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.com, CG Oncology has a consensus rating of “Buy” and a consensus target price of $63.88.

CG Oncology Price Performance

The business’s 50 day moving average price is $35.53 and its 200-day moving average price is $34.96.

CG Oncology (NASDAQ:CGON) last released its earnings results on Tuesday, November 12th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $0.30 million. Sell-side analysts forecast that CG Oncology, Inc. will post -1.31 earnings per share for the current year.

Insider Activity

In related news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $34.54, for a total value of $34,540.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Institutional Inflows and Outflows

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