CG Oncology (NASDAQ:CGON) Shares Down 5.1% - Here's Why

Key Points

• CG Oncology's stock declined by 5.1% on Friday, closing at $36.85 after trading as low as $37.07, with a significant drop in trading volume compared to previous sessions.
• Analysts have mixed views on the company, with Morgan Stanley raising its price target to $79, while Royal Bank of Canada lowered it to $53; the overall average target price stands at $56.00 with a "Moderate Buy" rating.
• Insider trading activity indicates a decrease in ownership by directors, with significant shares sold recently, while institutional investors have notably increased their stakes in the company.

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) shares traded down 5.1% on Friday . The stock traded as low as $37.07 and last traded at $36.85. 261,396 shares traded hands during trading, a decline of 74% from the average session volume of 995,629 shares. The stock had previously closed at $38.82.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. 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 research note on Wednesday, July 16th. Jones Trading assumed coverage on shares of CG Oncology in a research note on Monday, September 8th. They issued a "buy" rating and a $50.00 target price for the company. HC Wainwright reissued a "buy" rating and issued a $75.00 target price on shares of CG Oncology in a research note on Monday, September 15th. Zacks Research raised shares of CG Oncology from a "strong sell" rating to a "hold" rating in a research note on Monday, September 1st. Finally, Wall Street Zen cut shares of CG Oncology from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $56.00.

CG Oncology Stock Performance

The firm's fifty day moving average is $28.44 and its 200 day moving average is $26.01.

CG Oncology (NASDAQ:CGON - Get Free Report) last announced its earnings results on Friday, August 8th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate 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 forecast that CG Oncology, Inc. will post -1.31 earnings per share for the current fiscal year.

Insider Activity at CG Oncology

In other news, Director Brian Guan-Chyun Liu bought 1,515,151 shares of the company's stock in a transaction dated Thursday, September 11th. The stock was bought at an average price of $33.00 per share, with a total value of $49,999,983.00. Following the completion of the acquisition, the director owned 1,515,151 shares of the company's stock, valued at $49,999,983. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Hong Fang Song sold 100,000 shares of CG Oncology stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $27.80, for a total value of $2,780,000.00. Following the sale, the director directly owned 2,903,931 shares of the company's stock, valued at $80,729,281.80. This represents a 3.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 152,701 shares of company stock valued at $4,607,792 in the last 90 days.

Institutional Trading of CG Oncology

A number of institutional investors have recently bought and sold shares of the business. Alliancebernstein L.P. boosted its holdings in CG Oncology by 15.0% in the 2nd 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 during the period. Wellington Management Group LLP boosted its holdings in CG Oncology by 11.2% in the 1st quarter. Wellington Management Group LLP now owns 2,125,208 shares of the company's stock valued at $52,046,000 after purchasing an additional 214,738 shares during the period. Bank of America Corp DE boosted its holdings in CG Oncology by 409.9% in 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 purchasing an additional 1,396,170 shares during the period. Franklin Resources Inc. boosted its holdings in CG Oncology by 12.7% in the 2nd quarter. Franklin Resources Inc. now owns 1,486,839 shares of the company's stock valued at $38,658,000 after purchasing an additional 167,905 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in CG Oncology by 4.4% in the 2nd quarter. Geode Capital Management LLC now owns 1,335,437 shares of the company's stock valued at $34,727,000 after purchasing an additional 56,203 shares during the period. Institutional investors own 26.56% of the company's stock.

CG Oncology Company Profile

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.