CG Oncology (NASDAQ:CGON) Director James Mulay Sells 12,755 Shares

Key Points

• Director James Mulay of CG Oncology sold a total of 12,755 shares at an average price of $39.19, amounting to approximately $499,868.
• CG Oncology's stock rose 3.1% to reach $40.28, following recent transactions and positive analyst forecasts, despite the company reporting a miss on quarterly earnings.
• Several research firms have upgraded their ratings on CG Oncology, with price targets reaching as high as $79.00, indicating strong institutional interest and confidence in potential growth.

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) Director James Mulay sold 12,755 shares of the firm's stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $39.19, for a total value of $499,868.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

James Mulay also recently made the following trade(s):

• On Friday, September 19th, James Mulay sold 3,574 shares of CG Oncology stock. The stock was sold at an average price of $38.99, for a total value of $139,350.26.
• On Thursday, September 18th, James Mulay sold 19,112 shares of CG Oncology stock. The stock was sold at an average price of $39.01, for a total value of $745,559.12.
• On Friday, September 5th, James Mulay sold 27,015 shares of CG Oncology stock. The stock was sold at an average price of $31.53, for a total value of $851,782.95.

CG Oncology Stock Up 3.1%

CG Oncology stock traded up $1.20 during mid-day trading on Tuesday, hitting $40.28. 752,172 shares of the company's stock traded hands, compared to its average volume of 990,951. The firm has a 50 day moving average price of $29.50 and a 200 day moving average price of $26.38. The company has a market cap of $3.07 billion, a PE ratio of -22.76 and a beta of 0.87. CG Oncology, Inc. has a one year low of $14.80 and a one year high of $40.53.

CG Oncology (NASDAQ:CGON - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The company reported ($0.54) earnings per share (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%. On average, analysts expect that CG Oncology, Inc. will post -1.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CGON shares. Wall Street Zen lowered CG Oncology from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Cantor Fitzgerald restated an "overweight" rating and issued a $75.00 price objective on shares of CG Oncology in a report on Monday, September 8th. HC Wainwright restated a "buy" rating and issued a $75.00 price objective on shares of CG Oncology in a report on Monday, September 15th. Morgan Stanley upped their price objective on CG Oncology from $56.00 to $79.00 and gave the company an "overweight" rating in a report on Wednesday, September 17th. Finally, JPMorgan Chase & Co. upped their price objective on CG Oncology from $41.00 to $47.00 and gave the company an "overweight" rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.55.

Institutional Investors Weigh In On CG Oncology

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. raised 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 during the period. Wellington Management Group LLP raised its position in shares of CG Oncology by 11.2% during the first quarter. Wellington Management Group LLP now owns 2,125,208 shares of the company's stock worth $52,046,000 after purchasing an additional 214,738 shares during the period. Bank of America Corp DE raised its position in shares of CG Oncology by 409.9% during the second quarter. Bank of America Corp DE now owns 1,736,769 shares of the company's stock worth $45,156,000 after purchasing an additional 1,396,170 shares during the period. Franklin Resources Inc. raised its position in shares of CG Oncology by 12.7% during the second quarter. Franklin Resources Inc. now owns 1,486,839 shares of the company's stock worth $38,658,000 after purchasing an additional 167,905 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of CG Oncology by 4.4% during the second quarter. Geode Capital Management LLC now owns 1,335,437 shares of the company's stock worth $34,727,000 after purchasing an additional 56,203 shares during the period. 26.56% of the stock is owned by institutional investors and hedge funds.

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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