CG Oncology, Inc. (NASDAQ:CGON) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• CG Oncology, Inc. (NASDAQ:CGON) has received an average consensus rating of “Moderate Buy” from thirteen research firms, with a 12-month price target of $58.70.
• Recent insider activity includes Director James Mulay selling 27,015 shares and Director Hong Fang Song selling 100,000 shares, indicating significant stock disposals totaling over $3.6 million.
• Institutional investors have shown increased interest, with Bank of America Corp DE raising its holdings by 409.9%, now owning 1.7 million shares valued at approximately $45 million.

Shares of CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the thirteen research firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $58.70.

A number of equities research analysts recently commented on the company. Royal Bank Of Canada decreased their target price on CG Oncology from $68.00 to $53.00 and set an "outperform" rating for the company in a report on Wednesday, July 16th. HC Wainwright reaffirmed a "buy" rating and set a $75.00 target price on shares of CG Oncology in a report on Monday, September 15th. Zacks Research raised CG Oncology from a "strong sell" rating to a "hold" rating in a report on Monday, September 1st. The Goldman Sachs Group upgraded CG Oncology to a "strong-buy" rating and set a $40.00 price target for the company in a research report on Thursday, July 10th. Finally, Wall Street Zen upgraded CG Oncology from a "sell" rating to a "hold" rating in a research report on Friday, October 3rd.

Insider Buying and Selling

In related news, Director James Mulay sold 27,015 shares of CG Oncology stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $31.53, for a total transaction of $851,782.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Hong Fang Song sold 100,000 shares of CG Oncology stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $27.80, for a total value of $2,780,000.00. Following the transaction, the director owned 2,903,931 shares of the company's stock, valued at approximately $80,729,281.80. This represents a 3.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 174,359 shares of company stock valued at $5,511,784 in the last ninety days. Insiders own 7.40% of the company's stock.

Institutional Trading of CG Oncology

A number of institutional investors and hedge funds have recently made changes to their positions in CGON. Bank of America Corp DE increased its position in shares of CG Oncology by 409.9% in the second quarter. Bank of America Corp DE now owns 1,736,769 shares of the company's stock valued at $45,156,000 after buying an additional 1,396,170 shares in the last quarter. Candriam S.C.A. purchased a new stake in shares of CG Oncology during the second quarter worth approximately $19,854,000. Millennium Management LLC increased its position in shares of CG Oncology by 139.4% during the first quarter. Millennium Management LLC now owns 596,056 shares of the company's stock worth $14,597,000 after purchasing an additional 347,055 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of CG Oncology by 15.0% during the second quarter. Alliancebernstein L.P. now owns 2,164,214 shares of the company's stock worth $56,270,000 after purchasing an additional 281,637 shares in the last quarter. Finally, Ensign Peak Advisors Inc increased its position in shares of CG Oncology by 195.0% during the second quarter. Ensign Peak Advisors Inc now owns 396,479 shares of the company's stock worth $10,308,000 after purchasing an additional 262,079 shares in the last quarter. 26.56% of the stock is currently owned by hedge funds and other institutional investors.

CG Oncology Stock Up 4.0%

CG Oncology stock opened at $43.67 on Friday. CG Oncology has a 52 week low of $14.80 and a 52 week high of $45.56. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of -24.67 and a beta of 1.31. The stock has a 50-day moving average price of $35.49 and a 200 day moving average price of $28.72.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its earnings results on Friday, August 8th. The company reported ($0.54) EPS for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.05). CG Oncology had a negative return on equity of 19.37% and a negative net margin of 15,945.17%. Research analysts anticipate that CG Oncology will post -1.31 EPS for the current fiscal year.

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.

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