CG Oncology (NASDAQ:CGON) Shares Down 6.7% - Here's What Happened

Key Points

• CG Oncology shares fell 6.7% to about $68.45, with trading volume roughly 48% below the average session volume.
• The company reported a quarterly loss of $0.90 per share, missing the $0.66 analyst consensus, although revenue of $1.16 million exceeded expectations.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $87.78, while insiders have sold approximately $2.0 million of stock over the past 90 days.

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report)'s share price fell 6.7% during trading on Thursday . The company traded as low as $68.15 and last traded at $68.4490. Approximately 567,837 shares changed hands during trading, a decline of 48% from the average session volume of 1,093,431 shares. The stock had previously closed at $73.36.

Wall Street Analysts Forecast Growth

CGON has been the topic of several research reports. Royal Bank Of Canada decreased their price target on shares of CG Oncology from $81.00 to $79.00 and set an "outperform" rating on the stock in a research note on Friday, August 7th. HC Wainwright reissued a "buy" rating and set a $100.00 price target on shares of CG Oncology in a research report on Wednesday, July 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of CG Oncology in a research note on Friday, July 17th. Wall Street Zen cut shares of CG Oncology from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 8th. Finally, Piper Sandler raised their price target on shares of CG Oncology from $82.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, CG Oncology currently has a consensus rating of "Moderate Buy" and an average target price of $87.78.

CG Oncology Trading Down 5.4%

The firm has a market cap of $6.15 billion, a PE ratio of -25.80 and a beta of 0.24. The firm has a 50 day moving average price of $74.30 and a 200-day moving average price of $68.86.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.24). The business had revenue of $1.16 million during the quarter, compared to analysts' expectations of $0.36 million. CG Oncology had a negative net margin of 3,602.68% and a negative return on equity of 25.20%. Equities analysts forecast that CG Oncology, Inc. will post -3.31 earnings per share for the current fiscal year.

Insider Buying and Selling at CG Oncology

In related news, Director Leonard Post sold 1,000 shares of the business's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $72.98, for a total transaction of $72,980.00. Following the sale, the director owned 1,000 shares of the company's stock, valued at approximately $72,980. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director James Mulay sold 24,165 shares of CG Oncology stock in a transaction on Friday, July 10th. The stock was sold at an average price of $75.16, for a total value of $1,816,241.40. Following the transaction, the director directly owned 24,165 shares of the company's stock, valued at approximately $1,816,241.40. This represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 26,165 shares of company stock valued at $1,963,761. Corporate insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On CG Oncology

Large investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of CG Oncology during the 2nd quarter worth about $444,509,000. Seven Fleet Capital Management LP purchased a new position in shares of CG Oncology during the 4th quarter worth about $62,909,000. Bank of America Corp DE acquired a new stake in shares of CG Oncology in the second quarter worth approximately $69,978,000. Jefferies Financial Group Inc. purchased a new stake in CG Oncology in the second quarter valued at approximately $54,705,000. Finally, Elmind Capital LP purchased a new position in CG Oncology during the fourth quarter worth approximately $20,449,000. Institutional investors and hedge funds own 26.56% of the company's stock.

CG Oncology Company Profile

CG Oncology, Inc NASDAQ: CGON is a clinical-stage biotechnology company focused on developing therapies for bladder cancer. The company's research is centered on treatments designed to stimulate the immune system and target tumors directly, with an emphasis on non-muscle-invasive bladder cancer (NMIBC).

Its lead investigational product, cretostimogene grenadenorep, also known as CG0070, is an intravesical oncolytic adenovirus intended for administration directly into the bladder. The therapy is designed to selectively replicate in cancer cells, promote tumor-cell destruction and stimulate an immune response through the production of granulocyte-macrophage colony-stimulating factor (GM-CSF).

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