CG Oncology (NASDAQ:CGON) Trading Down 6.1% – Here’s What Happened

Shares of CG Oncology, Inc. (NASDAQ:CGON) traded down 6.1% on Thursday . The stock traded as low as $32.15 and last traded at $33.72. 242,843 shares were traded during mid-day trading, a decline of 62% from the average session volume of 637,900 shares. The stock had previously closed at $35.91.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CGON shares. Royal Bank of Canada initiated coverage on CG Oncology in a research report on Monday, September 23rd. They set an “outperform” rating and a $66.00 price target on the stock. Roth Capital upgraded CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. Roth Mkm assumed coverage on CG Oncology in a research note on Tuesday, August 27th. They set a “buy” rating and a $65.00 price objective on the stock. UBS Group assumed coverage on CG Oncology in a research note on Thursday, October 24th. They issued a “buy” rating and a $60.00 target price on the stock. Finally, Bank of America restated a “buy” rating and issued a $65.00 target price on shares of CG Oncology in a research note on Tuesday, October 8th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $63.88.

CG Oncology Trading Down 7.9 %

The firm has a 50-day moving average price of $35.91 and a 200 day moving average price of $34.85.

CG Oncology (NASDAQ:CGON) last issued 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. The company had revenue of $0.04 million during the quarter, compared to analysts’ expectations 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, sell-side analysts anticipate that CG Oncology, Inc. will post -1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CG Oncology

Several institutional investors and hedge funds have recently bought and sold shares of CGON. Amalgamated Bank lifted its holdings in CG Oncology by 107.6% in the 3rd 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. California State Teachers Retirement System purchased a new position in shares of CG Oncology in the 1st quarter valued at approximately $103,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in CG Oncology during the 3rd quarter valued at approximately $241,000. Profund Advisors LLC bought a new position in CG Oncology during the 2nd quarter valued at approximately $300,000. Finally, HighVista Strategies LLC bought a new position in CG Oncology during the 3rd quarter valued at approximately $594,000. 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.