CG Oncology (NASDAQ:CGON) Sees Large Volume Increase - Should You Buy?

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**.

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 2,073,860 shares traded hands during mid-day 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 topic of a number of recent research reports. Morgan Stanley upped their target price on shares of CG Oncology from $52.00 to $56.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. The Goldman Sachs Group upgraded shares of CG Oncology to a "strong-buy" rating and set a $40.00 price target on the stock in a research note on Thursday, July 10th. Piper Sandler assumed coverage on shares of CG Oncology in a research note on Monday, August 18th. They issued an "overweight" rating and a $55.00 price target on the stock. Royal Bank Of Canada dropped their price target on shares of CG Oncology from $68.00 to $53.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $75.00 price target on shares of CG Oncology in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $53.91.

CG Oncology Trading Down 1.7%

The firm has a market cap of $2.52 billion, a P/E ratio of -18.69 and a beta of 0.87. The company's 50 day simple moving average is $26.94 and its 200-day simple moving average is $25.44.

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

Insider Buying and Selling at CG Oncology

In other CG Oncology news, Director James Mulay sold 27,015 shares of the company's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $31.53, for a total transaction of $851,782.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Leonard E. Post sold 2,000 shares of the company's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $28.00, for a total transaction of $56,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 129,015 shares of company stock worth $3,687,783. Company insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On CG Oncology

Several large investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. lifted its holdings in CG Oncology by 15.0% during the second quarter. Alliancebernstein L.P. now owns 2,164,214 shares of the company's stock valued at $56,270,000 after purchasing an additional 281,637 shares in the last quarter. Wellington Management Group LLP grew its holdings in CG Oncology by 11.2% during the 1st quarter. Wellington Management Group LLP now owns 2,125,208 shares of the company's stock valued at $52,046,000 after buying an additional 214,738 shares in the last quarter. Bank of America Corp DE grew its holdings in CG Oncology by 409.9% during the 2nd 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. RTW Investments LP grew its holdings in CG Oncology by 26.6% during the 4th quarter. RTW Investments LP now owns 1,701,216 shares of the company's stock valued at $48,791,000 after buying an additional 357,142 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in CG Oncology by 12.7% during the 2nd quarter. Franklin Resources Inc. now owns 1,486,839 shares of the company's stock valued at $38,658,000 after buying an additional 167,905 shares in the last quarter. Hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.