CG Oncology (NASDAQ:CGON) Shares Gap Up – Should You Buy?

CG Oncology, Inc. (NASDAQ:CGON) shares gapped up before the market opened on Monday . The stock had previously closed at $22.37, but opened at $31.00. CG Oncology shares last traded at $29.26, with a volume of 2,981,426 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Royal Bank of Canada lifted their price objective on shares of CG Oncology from $66.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday. HC Wainwright reiterated a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a research note on Monday. TD Cowen initiated coverage on CG Oncology in a research report on Tuesday, January 7th. They issued a “buy” rating for the company. Scotiabank began coverage on CG Oncology in a research note on Wednesday, April 16th. They issued a “sector perform” rating and a $23.00 target price on the stock. 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. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $59.56.

CG Oncology Price Performance

The business’s fifty day moving average price is $23.60 and its 200-day moving average price is $29.15. The stock has a market capitalization of $2.05 billion, a PE ratio of -18.97 and a beta of 1.24.

CG Oncology (NASDAQ:CGON) last posted its earnings results on Tuesday, March 25th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.11). The firm had revenue of $0.46 million during the quarter, compared to analysts’ expectations of $0.11 million. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. On average, analysts expect that CG Oncology, Inc. will post -1.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $30.76, for a total value of $30,760.00. The sale was disclosed in a filing with the SEC, which is available through this link.

Hedge Funds Weigh In On CG Oncology

A number of institutional investors have recently made changes to their positions in the stock. NEOS Investment Management LLC increased its stake in CG Oncology by 10.9% in the fourth quarter. NEOS Investment Management LLC now owns 8,329 shares of the company’s stock valued at $239,000 after acquiring an additional 817 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of CG Oncology by 6.5% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 15,270 shares of the company’s stock worth $374,000 after purchasing an additional 930 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of CG Oncology by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,080 shares of the company’s stock valued at $862,000 after purchasing an additional 1,026 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of CG Oncology during the 4th quarter valued at about $41,000. Finally, Rhumbline Advisers lifted its position in CG Oncology by 2.2% in the 4th quarter. Rhumbline Advisers now owns 69,016 shares of the company’s stock worth $1,979,000 after buying an additional 1,458 shares during the last quarter. 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.