CG Oncology (NASDAQ:CGON) Shares Up 7.3% – What’s Next?

CG Oncology, Inc. (NASDAQ:CGON)’s share price shot up 7.3% during mid-day trading on Friday . The company traded as high as $26.68 and last traded at $27.85. 27,636 shares were traded during trading, a decline of 95% from the average session volume of 581,442 shares. The stock had previously closed at $25.95.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CGON. TD Cowen initiated coverage on CG Oncology in a report on Tuesday, January 7th. They set a “buy” rating on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a research note on Friday, January 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $66.00 price target on shares of CG Oncology in a research report on Friday, December 6th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $55.00 price target on shares of CG Oncology in a research note on Friday, March 7th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, CG Oncology currently has a consensus rating of “Buy” and a consensus target price of $63.88.

CG Oncology Price Performance

The stock’s 50-day simple moving average is $28.41 and its 200-day simple moving average is $32.59.

Insiders Place Their Bets

In other CG Oncology news, Director Hong Fang Song sold 700,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $28.00, for a total transaction of $19,600,000.00. Following the completion of the transaction, the director now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Leonard E. Post sold 1,000 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $29.66, for a total value of $29,660.00. The disclosure for this sale can be found here.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CGON. GF Fund Management CO. LTD. purchased a new stake in CG Oncology during the fourth quarter valued at about $41,000. Amalgamated Bank lifted its stake in shares of CG Oncology by 107.6% during the 3rd quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock valued at $61,000 after buying an additional 840 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in CG Oncology in the 4th quarter worth approximately $68,000. KLP Kapitalforvaltning AS bought a new position in CG Oncology in the 4th quarter worth approximately $100,000. Finally, Federated Hermes Inc. purchased a new position in CG Oncology in the 4th quarter valued at approximately $172,000. Institutional investors 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.