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

Shares of CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $26.90, but opened at $24.50. CG Oncology shares last traded at $26.16, with a volume of 355,640 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CGON. Wall Street Zen upgraded CG Oncology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $75.00 price objective on shares of CG Oncology in a research note on Monday, April 28th. HC Wainwright restated a "buy" rating and set a $75.00 price target on shares of CG Oncology in a report on Monday, April 28th. Royal Bank Of Canada decreased their price target on CG Oncology from $68.00 to $53.00 and set an "outperform" rating for the company in a research note on Wednesday, July 16th. Finally, The Goldman Sachs Group raised 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. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, CG Oncology presently has an average rating of "Buy" and an average price target of $55.30.

CG Oncology Stock Down 4.2%

The firm has a market cap of $1.96 billion, a price-to-earnings ratio of -17.01 and a beta of 0.86. The company has a 50 day moving average of $26.10 and a 200 day moving average of $26.01.

CG Oncology (NASDAQ:CGON - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.09). The firm had revenue of $0.05 million for the quarter, compared to analysts' expectations of $0.53 million. CG Oncology had a negative return on equity of 16.71% and a negative net margin of 15,945.17%. As a group, equities research analysts expect that CG Oncology, Inc. will post -1.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Leonard E. Post sold 2,000 shares of the business's stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $28.00, for a total value of $56,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Investors Weigh In On CG Oncology

A number of institutional investors and hedge funds have recently modified their holdings of the company. Swiss National Bank lifted its stake in CG Oncology by 144.2% in the 4th quarter. Swiss National Bank now owns 79,600 shares of the company's stock valued at $2,283,000 after purchasing an additional 47,000 shares during the last quarter. Intech Investment Management LLC acquired a new stake in CG Oncology in the fourth quarter worth $481,000. Teacher Retirement System of Texas acquired a new stake in CG Oncology in the fourth quarter worth $342,000. KLP Kapitalforvaltning AS acquired a new position in shares of CG Oncology during the fourth quarter valued at about $100,000. Finally, Vanguard Group Inc. grew its holdings in shares of CG Oncology by 15.3% during the fourth quarter. Vanguard Group Inc. now owns 5,861,082 shares of the company's stock valued at $168,096,000 after buying an additional 779,730 shares during the last quarter. 26.56% of the stock is owned by institutional investors.

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.

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.