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

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 trading hands.

Analysts Set New Price Targets

Several research firms recently weighed in on CGON. Cantor Fitzgerald reiterated an "overweight" rating and set a $75.00 target price on shares of CG Oncology in a research report on Monday, April 28th. Morgan Stanley boosted their price objective on CG Oncology from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Royal Bank Of Canada decreased their target price 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. Wall Street Zen raised shares of CG Oncology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Finally, JPMorgan Chase & Co. began coverage on shares of CG Oncology in a report on Friday, May 2nd. They issued an "overweight" rating and a $41.00 target price for the company. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, CG Oncology presently has an average rating of "Buy" and an average target price of $55.30.

CG Oncology Trading Down 0.5%

The stock has a market capitalization of $1.98 billion, a PE ratio of -17.23 and a beta of 0.86. The business's 50 day moving average is $26.23 and its 200 day moving average is $25.96.

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

Insider Activity at CG Oncology

In related news, Director Leonard E. Post sold 2,000 shares of CG Oncology 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.40% of the company's stock.

Institutional Trading of CG Oncology

Institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC boosted its position in CG Oncology by 193.5% during the 2nd quarter. CWM LLC now owns 6,193 shares of the company's stock valued at $161,000 after acquiring an additional 4,083 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position 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 last quarter. AMI Asset Management Corp purchased a new position in shares of CG Oncology during the 2nd quarter valued at about $1,000,000. Wesbanco Bank Inc. purchased a new position in shares of CG Oncology during the 2nd quarter valued at approximately $702,000. Finally, Rhumbline Advisers increased its stake in shares of CG Oncology by 8.2% in the 1st quarter. Rhumbline Advisers now owns 74,689 shares of the company's stock valued at $1,829,000 after purchasing an additional 5,673 shares in the last quarter. 26.56% of the stock is currently owned by institutional investors.

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.