Insider Selling: CG Oncology (NASDAQ:CGON) Director Sells 27,015 Shares of Stock

Key Points

• James Mulay, the director of CG Oncology, sold 27,015 shares of the company at an average price of $31.53, totaling approximately $851,782.95.
• CG Oncology's stock price increased to $33.69 following a trading volume significantly above its average, while the company has a market capitalization of $2.57 billion.
• Analysts have mixed ratings for CG Oncology, with one rating it a Strong Buy, while others have recently downgraded it to a "sell," reflecting ongoing uncertainty in the stock's performance.

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) Director James Mulay sold 27,015 shares of CG Oncology stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $31.53, for a total value of $851,782.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

CG Oncology Trading Up 0.5%

NASDAQ:CGON traded up $0.18 on Friday, hitting $33.34. 1,398,940 shares of the company's stock traded hands, compared to its average volume of 823,360. CG Oncology, Inc. has a 1 year low of $14.80 and a 1 year high of $40.47. The firm has a 50-day moving average price of $27.20 and a 200-day moving average price of $25.54. The company has a market cap of $2.54 billion, a PE ratio of -18.84 and a beta of 0.87.

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

Institutional Investors Weigh In On CG Oncology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank lifted its holdings in CG Oncology by 1.9% in the 1st quarter. Swiss National Bank now owns 81,100 shares of the company's stock worth $1,986,000 after purchasing an additional 1,500 shares during the last quarter. Deutsche Bank AG lifted its holdings in CG Oncology by 53.5% in the 4th quarter. Deutsche Bank AG now owns 38,978 shares of the company's stock worth $1,118,000 after purchasing an additional 13,589 shares during the last quarter. Rhumbline Advisers lifted its holdings in CG Oncology by 8.2% in the 1st quarter. Rhumbline Advisers now owns 74,689 shares of the company's stock worth $1,829,000 after purchasing an additional 5,673 shares during the last quarter. GAMMA Investing LLC lifted its holdings in CG Oncology by 1,051.0% in the 1st quarter. GAMMA Investing LLC now owns 2,302 shares of the company's stock worth $56,000 after purchasing an additional 2,102 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in CG Oncology by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,080 shares of the company's stock worth $862,000 after purchasing an additional 1,026 shares during the last quarter. 26.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CGON has been the subject of several research reports. Wall Street Zen lowered CG Oncology from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Piper Sandler initiated coverage on CG Oncology in a report on Monday, August 18th. They set an "overweight" rating and a $55.00 price target for the company. Morgan Stanley lifted their price target on CG Oncology from $52.00 to $56.00 and gave the company an "overweight" rating in a report on Tuesday, June 17th. Cantor Fitzgerald reiterated an "overweight" rating and set a $75.00 price target on shares of CG Oncology in a report on Monday, September 8th. Finally, Jones Trading initiated coverage on CG Oncology in a report on Monday, September 8th. They set a "buy" rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $53.91.

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.