CG Oncology (NASDAQ:CGON) Stock Price Down 6.9% – Time to Sell?

CG Oncology, Inc. (NASDAQ:CGON) shares were down 6.9% during mid-day trading on Monday . The stock traded as low as $27.84 and last traded at $27.98. Approximately 108,925 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 670,307 shares. The stock had previously closed at $30.04.

Analysts Set New Price Targets

CGON has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and set a $75.00 target price on shares of CG Oncology in a report on Friday, December 6th. UBS Group began coverage on shares of CG Oncology in a research report on Thursday, October 24th. They issued a “buy” rating and a $60.00 price objective on the stock. Bank of America reissued a “buy” rating and issued a $65.00 price target on shares of CG Oncology in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $66.00 price target on shares of CG Oncology in a 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, the company currently has an average rating of “Buy” and a consensus target price of $63.88.

CG Oncology Stock Performance

The company has a 50-day simple moving average of $33.77 and a two-hundred day simple moving average of $34.48.

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

Insider Transactions at CG Oncology

In related news, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $34.54, for a total value of $34,540.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Hong Fang Song sold 700,000 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $28.00, for a total value of $19,600,000.00. Following the transaction, the director now directly owns 3,003,931 shares of the company’s stock, valued at approximately $84,110,068. The trade was a 18.90 % decrease in their position. The disclosure for this sale can be found here.

Institutional Investors Weigh In On CG Oncology

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Yu Fan acquired a new position in shares of CG Oncology during the second quarter worth $49,828,000. State Street Corp increased its holdings in CG Oncology by 73.0% in the 3rd 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. raised its position in CG Oncology by 575.7% in 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 last quarter. Geode Capital Management LLC boosted 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 increased its stake in shares of 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 valued at $13,687,000 after buying an additional 386,000 shares during the period. 26.56% of the stock is owned by institutional investors.

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.