CG Oncology (NASDAQ:CGON) Trading 7.1% Higher - Here's What Happened

Key Points

• CG Oncology's stock surged 7.1% during trading, reaching a high of $40.69, despite a notable decline in trading volume.
• Analysts have varied opinions on CG Oncology, with target prices ranging from $47.00 to $90.00, marking a generally positive outlook on the stock.
• The company reported a quarterly EPS of ($0.54), missing analyst estimates, with expectations of -1.31 EPS for the current fiscal year.

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) traded up 7.1% during trading on Wednesday . The company traded as high as $39.50 and last traded at $40.69. 187,759 shares changed hands during trading, a decline of 81% from the average session volume of 984,520 shares. The stock had previously closed at $38.00.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. increased their target price on CG Oncology from $41.00 to $47.00 and gave the company an "overweight" rating in a research report on Friday, September 26th. Guggenheim assumed coverage on CG Oncology in a research report on Tuesday. They set a "buy" rating and a $90.00 target price for the company. Royal Bank Of Canada lowered their target price on CG Oncology from $68.00 to $53.00 and set an "outperform" rating for the company in a research report on Wednesday, July 16th. Cantor Fitzgerald reiterated an "overweight" rating and set a $75.00 target price on shares of CG Oncology in a research report on Monday, September 8th. Finally, Zacks Research upgraded CG Oncology from a "strong sell" rating to a "hold" rating in a research report on Monday, September 1st. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $58.82.

CG Oncology Price Performance

The company has a market capitalization of $3.14 billion, a P/E ratio of -23.29 and a beta of 1.31. The business has a 50-day moving average of $31.08 and a 200-day moving average of $26.87.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued its quarterly earnings results 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%. Sell-side analysts predict that CG Oncology, Inc. will post -1.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other CG Oncology news, Director Leonard E. Post sold 2,000 shares of the stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $28.00, for a total value of $56,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Mulay sold 12,755 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $39.19, for a total value of $499,868.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 170,456 shares of company stock valued at $5,308,111.

Institutional Trading of CG Oncology

A number of hedge funds and other institutional investors have recently bought and sold shares of CGON. California State Teachers Retirement System increased its stake in CG Oncology by 115.3% in the fourth quarter. California State Teachers Retirement System now owns 38,768 shares of the company's stock worth $1,112,000 after purchasing an additional 20,763 shares during the period. GAMMA Investing LLC increased its stake in shares of CG Oncology by 1,051.0% during the first quarter. GAMMA Investing LLC now owns 2,302 shares of the company's stock valued at $56,000 after buying an additional 2,102 shares during the period. Rhumbline Advisers increased its stake in shares of CG Oncology by 8.2% during the first quarter. Rhumbline Advisers now owns 74,689 shares of the company's stock valued at $1,829,000 after buying an additional 5,673 shares during the period. Bank of New York Mellon Corp increased its stake in shares of CG Oncology by 8.8% during the first quarter. Bank of New York Mellon Corp now owns 147,560 shares of the company's stock valued at $3,614,000 after buying an additional 11,993 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its stake in shares of CG Oncology by 6.5% during the first quarter. China Universal Asset Management Co. Ltd. now owns 15,270 shares of the company's stock valued at $374,000 after buying an additional 930 shares during the period. 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.

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