CG Oncology (NASDAQ:CGON) Shares Down 6.7% – What’s Next?

CG Oncology, Inc. (NASDAQ:CGON) shares fell 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 changed 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.

Analysts Set New Price Targets

CGON has been the subject of several analyst reports. Wall Street Zen downgraded CG Oncology from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of CG Oncology in a report on Friday, July 17th. Royal Bank Of Canada dropped their price target on shares of CG Oncology from $81.00 to $79.00 and set an “outperform” rating for the company in a research note on Friday, August 7th. HC Wainwright restated a “buy” rating and set a $100.00 price objective on shares of CG Oncology in a research note on Wednesday, July 29th. Finally, Piper Sandler raised their price target on shares of CG Oncology from $82.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $87.78.

CG Oncology Stock Performance

The company has a market cap of $6.15 billion, a price-to-earnings ratio of -25.80 and a beta of 0.24. The company’s 50 day moving average price is $74.30 and its 200-day moving average price is $68.86.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.66) by ($0.24). CG Oncology had a negative return on equity of 25.20% and a negative net margin of 3,602.68%.The company had revenue of $1.16 million for the quarter, compared to analyst estimates of $0.36 million. As a group, sell-side analysts forecast that CG Oncology, Inc. will post -3.31 earnings per share for the current year.

Insider Buying and Selling at CG Oncology

In related news, Director Leonard Post sold 1,000 shares of CG Oncology stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $72.98, for a total transaction of $72,980.00. Following the sale, the director directly owned 1,000 shares of the company’s stock, valued at $72,980. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Mulay sold 24,165 shares of the firm’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $75.16, for a total value of $1,816,241.40. Following the completion of the transaction, the director directly owned 24,165 shares of the company’s stock, valued at approximately $1,816,241.40. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 26,165 shares of company stock worth $1,963,761. 4.80% of the stock is currently owned by company insiders.

Institutional Trading of CG Oncology

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of CG Oncology during the second quarter worth $444,509,000. Seven Fleet Capital Management LP acquired a new stake in shares of CG Oncology in the 4th quarter valued at $62,909,000. Bank of America Corp DE acquired a new position in shares of CG Oncology during the second quarter valued at $69,978,000. Jefferies Financial Group Inc. bought a new position in CG Oncology in the second quarter valued at about $54,705,000. Finally, Elmind Capital LP acquired a new stake in CG Oncology in the fourth quarter worth about $20,449,000. 26.56% of the stock is owned by institutional investors.

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).