CG Oncology (NASDAQ:CGON) Sees Large Volume Increase - Here's Why

Key Points

• CG Oncology saw a **113% increase** in trading volume, with approximately **2,073,860 shares** traded during mid-day on Thursday, despite the stock price dropping to **$32.70** from a previous close of **$33.63**.
• Analysts have mixed opinions on CG Oncology, with Morgan Stanley raising their target price to **$56.00** and Goldman Sachs giving it a **"strong-buy"** rating with a target of **$40.00**.
• The company also reported a **negative earnings per share (EPS)** of **($0.54)** for the last quarter, missing the consensus estimate, and has a market cap of **$2.52 billion**.

Shares of CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) saw strong trading volume on Thursday . 2,073,860 shares traded hands during trading, an increase of 113% from the previous session's volume of 972,143 shares.The stock last traded at $32.70 and had previously closed at $33.63.

Wall Street Analyst Weigh In

CGON has been the subject of several research analyst reports. Royal Bank Of Canada decreased their price target on shares of CG Oncology from $68.00 to $53.00 and set an "outperform" rating for the company in a report on Wednesday, July 16th. Wall Street Zen cut CG Oncology from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Morgan Stanley increased their price target on CG Oncology from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Jones Trading began coverage on CG Oncology in a report on Monday, September 8th. They set a "buy" rating and a $50.00 price objective on the stock. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $75.00 price objective on shares of CG Oncology in a research report on Monday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $53.91.

CG Oncology Stock Up 3.4%

The business has a fifty day moving average price of $27.56 and a 200 day moving average price of $25.69.

CG Oncology (NASDAQ:CGON - Get Free Report) last posted its quarterly earnings data 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, sell-side analysts anticipate that CG Oncology, Inc. will post -1.31 EPS for the current year.

Insiders Place Their Bets

In other CG Oncology news, Director Brian Guan-Chyun Liu purchased 1,515,151 shares of the business's stock in a transaction on Thursday, September 11th. The shares were purchased at an average cost of $33.00 per share, with a total value of $49,999,983.00. Following the transaction, the director directly owned 1,515,151 shares of the company's stock, valued at $49,999,983. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Mulay sold 27,015 shares of the firm's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $31.53, for a total value of $851,782.95. The disclosure for this sale can be found here. Insiders have sold a total of 130,015 shares of company stock valued at $3,722,883 over the last 90 days.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Winthrop Capital Management LLC acquired a new position in shares of CG Oncology during the 2nd quarter worth approximately $38,000. GF Fund Management CO. LTD. acquired a new stake in CG Oncology in the fourth quarter valued at $41,000. CWM LLC grew its position in shares of CG Oncology by 3,957.7% in the 1st quarter. CWM LLC now owns 2,110 shares of the company's stock valued at $52,000 after acquiring an additional 2,058 shares during the period. GAMMA Investing LLC increased its stake in shares of CG Oncology by 1,051.0% during the 1st quarter. GAMMA Investing LLC now owns 2,302 shares of the company's stock worth $56,000 after purchasing an additional 2,102 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in CG Oncology by 15.6% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,945 shares of the company's stock valued at $77,000 after buying an additional 398 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.