CG Oncology (NASDAQ:CGON) Shares Down 6.9% - Here's Why

Key Points

• CG Oncology shares fell 6.9% to about $63.94, with trading volume 77% below the average session volume.
• Analysts remain broadly positive, with nine Buy ratings, one Hold and one Sell; the average price target is $87.78, indicating significant potential upside.
• The company missed quarterly EPS estimates, reporting a loss of $0.90 per share versus the expected $0.66 loss, while insiders sold 26,165 shares worth approximately $1.96 million over the last quarter.

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report)'s share price was down 6.9% on Tuesday. The company traded as low as $64.01 and last traded at $63.9350. 248,281 shares traded hands during trading, a decline of 77% from the average session volume of 1,098,754 shares. The stock had previously closed at $68.71.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Royal Bank Of Canada dropped their price objective 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 reaffirmed a "buy" rating and issued a $100.00 target price on shares of CG Oncology in a report on Wednesday, July 29th. Truist Financial boosted their price target on shares of CG Oncology from $82.00 to $85.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of CG Oncology in a report on Friday, July 17th. Finally, Piper Sandler boosted their target price on CG Oncology from $82.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, CG Oncology presently has an average rating of "Moderate Buy" and an average price target of $87.78.

CG Oncology Price Performance

The company has a market capitalization of $5.67 billion, a price-to-earnings ratio of -23.79 and a beta of 0.28. The firm's 50-day simple moving average is $74.00 and its two-hundred day simple moving average is $69.13.

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

Insider Activity

In other CG Oncology news, Director James Mulay sold 24,165 shares of the firm's stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $75.16, for a total transaction of $1,816,241.40. Following the completion of the transaction, the director directly owned 24,165 shares in the company, valued at approximately $1,816,241.40. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Leonard Post sold 1,000 shares of CG Oncology stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $72.98, for a total transaction of $72,980.00. Following the transaction, 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 position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,165 shares of company stock worth $1,963,761 over the last quarter. Insiders own 4.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Fiduciary Financial Advisors purchased a new position in shares of CG Oncology during the 2nd quarter worth $28,000. NFSG Corp purchased a new stake in shares of CG Oncology in the first quarter valued at $34,000. Fifth Third Bancorp acquired a new position in CG Oncology in the first quarter valued at $74,000. KBC Group NV acquired a new position in CG Oncology in the first quarter valued at $78,000. Finally, ABS Direct Equity Fund LLC purchased a new position in CG Oncology during the first quarter worth about $176,000. 26.56% of the stock is currently owned by institutional investors and hedge funds.

About CG Oncology

CG Oncology, Inc NASDAQ: CGON is a clinical-stage biopharmaceutical company focused on developing therapies for bladder cancer and other cancers of the urinary tract. The company's research centers on cancer-directed immunotherapies designed to stimulate the immune system and target tumor cells.

Its lead product candidate is cretostimogene grenadenorepvec, an intravesical oncolytic adenovirus being studied for the treatment of non-muscle-invasive bladder cancer (NMIBC). The therapy is designed to be delivered directly into the bladder, where it may selectively infect tumor cells and activate an immune response against cancer.

CG Oncology has evaluated cretostimogene in clinical studies involving patients with NMIBC, including individuals whose disease has not responded adequately to Bacillus Calmette-Guérin (BCG), a standard bladder cancer treatment.

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