CG Oncology (NASDAQ:CGON) Stock Price Up 2.5% – Time to Buy?

Shares of CG Oncology, Inc. (NASDAQ:CGON) rose 2.5% during trading on Friday . The stock traded as high as $29.90 and last traded at $29.85. Approximately 328,509 shares changed hands during trading, a decline of 51% from the average daily volume of 667,276 shares. The stock had previously closed at $29.11.

Analyst Ratings Changes

A number of brokerages recently commented on CGON. HC Wainwright reiterated a “buy” rating and issued a $75.00 price target on shares of CG Oncology in a research note on Friday, December 6th. Bank of America reiterated a “buy” rating and set a $65.00 target price on shares of CG Oncology in a research note on Tuesday, October 8th. UBS Group began coverage on CG Oncology in a research note on Thursday, October 24th. They issued a “buy” rating and a $60.00 price target for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $66.00 price objective on shares of CG Oncology in a research report on Friday, December 6th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $63.88.

CG Oncology Trading Up 3.2 %

The business has a 50-day moving average price of $33.77 and a two-hundred day moving average price of $34.49.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.06. The business had revenue of $0.04 million during the quarter, compared to analysts’ expectations of $0.30 million. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. On average, sell-side analysts anticipate that CG Oncology, Inc. will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Hong Fang Song sold 700,000 shares of the stock in a transaction dated 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 owns 3,003,931 shares of the company’s stock, valued at approximately $84,110,068. This represents a 18.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $34.54, for a total transaction of $34,540.00. The disclosure for this sale can be found here.

Hedge Funds Weigh In On CG Oncology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank increased its holdings 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in CG Oncology in the 3rd quarter worth about $241,000. Profund Advisors LLC acquired a new position in CG Oncology in the 2nd quarter worth about $300,000. HighVista Strategies LLC bought a new position in CG Oncology in the third quarter valued at about $594,000. Finally, M&T Bank Corp boosted its stake 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 valued at $632,000 after purchasing an additional 5,996 shares in the last quarter. 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.