CG Oncology (NASDAQ:CGON) Trading Down 8.1% – Time to Sell?

CG Oncology, Inc. (NASDAQ:CGON) was down 8.1% on Monday . The company traded as low as $24.31 and last traded at $24.28. Approximately 364,431 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 650,225 shares. The stock had previously closed at $26.42.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $55.00 price target on shares of CG Oncology in a report on Friday, March 7th. HC Wainwright restated a “buy” rating and set a $75.00 price target on shares of CG Oncology in a report on Monday. Royal Bank of Canada restated an “outperform” rating and set a $66.00 target price on shares of CG Oncology in a research report on Friday, December 6th. Finally, TD Cowen started coverage on CG Oncology in a research note on Tuesday, January 7th. They issued a “buy” rating on the stock. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $63.88.

CG Oncology Trading Up 1.8 %

The firm’s 50-day moving average is $27.66 and its two-hundred day moving average is $31.63. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of -15.81 and a beta of 1.60.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings results on Tuesday, March 25th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.11). CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. The firm had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $0.11 million. On average, analysts predict 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 on Monday, January 13th. The stock was sold at an average price of $29.66, for a total value of $29,660.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CGON. Charles Schwab Investment Management Inc. increased its stake in shares of CG Oncology by 114.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 379,664 shares of the company’s stock worth $14,325,000 after acquiring an additional 202,262 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of CG Oncology by 21.3% during the third quarter. The Manufacturers Life Insurance Company now owns 73,149 shares of the company’s stock valued at $2,760,000 after acquiring an additional 12,848 shares during the last quarter. FMR LLC grew its stake in CG Oncology by 83,581.6% in the 3rd quarter. FMR LLC now owns 145,606 shares of the company’s stock worth $5,494,000 after acquiring an additional 145,432 shares during the period. BNP Paribas Financial Markets increased its stake in shares of CG Oncology by 876.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 26,660 shares of the company’s stock valued at $1,006,000 after acquiring an additional 23,931 shares during the last quarter. Finally, MetLife Investment Management LLC raised its position in shares of CG Oncology by 103.2% in the 3rd quarter. MetLife Investment Management LLC now owns 27,132 shares of the company’s stock worth $1,024,000 after buying an additional 13,780 shares during the period. Institutional investors and hedge funds own 26.56% of the company’s stock.

About CG Oncology

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.