CG Oncology, Inc. (NASDAQ:CGON – Get Free Report) dropped 6.7% during mid-day trading on Thursday. The stock traded as low as $68.15 and last traded at $68.4490. Approximately 567,837 shares traded hands during trading, a decline of 48% from the average daily volume of 1,093,431 shares. The stock had previously closed at $73.36.
Analyst Upgrades and Downgrades
A number of equities analysts recently issued reports on CGON shares. Piper Sandler increased their target price on CG Oncology from $82.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Truist Financial lifted their price objective on shares of CG Oncology from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Royal Bank Of Canada reduced their price objective on shares of CG Oncology from $81.00 to $79.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. HC Wainwright reaffirmed a “buy” rating and issued a $100.00 target price on shares of CG Oncology in a report on Wednesday, July 29th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of CG Oncology in a research report on Friday, July 17th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.78.
Check Out Our Latest Analysis on CGON
CG Oncology Stock Down 2.3%
CG Oncology (NASDAQ:CGON – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.24). CG Oncology had a negative net margin of 3,602.68% and a negative return on equity of 25.20%. The business had revenue of $1.16 million during the quarter, compared to analysts’ expectations of $0.36 million. Analysts anticipate that CG Oncology, Inc. will post -3.31 EPS for the current fiscal year.
Insider Buying and Selling at CG Oncology
In other news, Director Leonard Post sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $72.98, for a total value of $72,980.00. Following the transaction, the director owned 1,000 shares in the company, valued at approximately $72,980. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Mulay sold 24,165 shares of the business’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $75.16, for a total transaction of $1,816,241.40. Following the completion of the transaction, the director owned 24,165 shares in the company, valued at $1,816,241.40. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 26,165 shares of company stock valued at $1,963,761 over the last three months. 4.80% of the stock is currently owned by insiders.
Hedge Funds Weigh In On CG Oncology
Several hedge funds and other institutional investors have recently modified their holdings of CGON. BlackRock Inc. bought a new stake in shares of CG Oncology during the 2nd quarter valued at $444,509,000. Seven Fleet Capital Management LP increased its holdings in shares of CG Oncology by 24.5% during the second quarter. Seven Fleet Capital Management LP now owns 1,886,236 shares of the company’s stock valued at $134,017,000 after acquiring an additional 371,085 shares in the last quarter. Bank of America Corp DE raised its position in shares of CG Oncology by 21.8% in the 1st quarter. Bank of America Corp DE now owns 1,449,364 shares of the company’s stock worth $98,093,000 after purchasing an additional 259,311 shares during the last quarter. EcoR1 Capital LLC grew its position in CG Oncology by 3.5% during the 1st quarter. EcoR1 Capital LLC now owns 1,102,000 shares of the company’s stock valued at $74,583,000 after purchasing an additional 37,200 shares during the last quarter. Finally, Jefferies Financial Group Inc. bought a new position in shares of CG Oncology in the second quarter worth approximately $54,705,000. Hedge funds and other institutional investors own 26.56% of the company’s stock.
About CG Oncology
CG Oncology, Inc (NASDAQ: CGON) is a clinical-stage biotechnology company focused on developing therapies for bladder cancer. The company’s research is centered on treatments designed to stimulate the immune system and target tumors directly, with an emphasis on non-muscle-invasive bladder cancer (NMIBC).
Its lead investigational product, cretostimogene grenadenorep, also known as CG0070, is an intravesical oncolytic adenovirus intended for administration directly into the bladder. The therapy is designed to selectively replicate in cancer cells, promote tumor-cell destruction and stimulate an immune response through the production of granulocyte-macrophage colony-stimulating factor (GM-CSF).
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