CG Oncology (NASDAQ:CGON) Stock Price Up 5.9% - Here's What Happened

Key Points

• CG Oncology shares rose 5.9% to about $74.29, while trading volume was 29% below its daily average.
• Analyst sentiment is broadly positive: the consensus rating is “Moderate Buy,” with an average price target of $88.11. Wedbush raised its target to $84, while other firms made smaller target reductions.
• The company reported a quarterly loss of $0.64 per share, better than the $0.83 loss analysts expected, and revenue of $1.60 million versus $0.55 million expected.

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) shares were up 5.9% during trading on Friday. The company traded as high as $74.19 and last traded at $74.2930. 771,212 shares traded hands during trading, a decline of 29% from the average daily volume of 1,092,134 shares. The stock had previously closed at $70.15.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Wedbush lifted their price objective on shares of CG Oncology from $80.00 to $84.00 and gave the company an "outperform" rating in a research note on Friday, November 6th. Weiss Ratings reissued a "sell (d-)" rating on shares of CG Oncology in a research note on Thursday, October 15th. Royal Bank Of Canada dropped 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 report on Friday, August 7th. Guggenheim dropped their price target on shares of CG Oncology from $90.00 to $89.00 and set a "buy" rating on the stock in a research report on Monday. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $100.00 price target on shares of CG Oncology in a research note on Wednesday, July 29th. Nine investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, CG Oncology currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.11.

CG Oncology Stock Performance

The company has a market cap of $6.60 billion, a P/E ratio of -26.76 and a beta of 0.35. The stock has a 50 day moving average price of $68.04 and a 200 day moving average price of $66.44.

CG Oncology (NASDAQ:CGON - Get Free Report) last announced its earnings results on Friday, November 6th. The company reported ($0.64) earnings per share for the quarter, beating the consensus estimate of ($0.83) by $0.19. The business had revenue of $1.60 million during the quarter, compared to analysts' expectations of $0.55 million. CG Oncology had a negative return on equity of 24.58% and a negative net margin of 3,851.09%. As a group, equities research analysts predict that CG Oncology, Inc. will post -3.00 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Leonard E. Post sold 1,000 shares of the firm's stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $62.06, for a total transaction of $62,060.00. Following the completion of the transaction, the director owned 1,000 shares in the company, valued at approximately $62,060. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 4.80% of the company's stock.

Institutional Trading of CG Oncology

Large investors have recently added to or reduced their stakes in the business. WINTON GROUP Ltd acquired a new position in shares of CG Oncology in the 2nd quarter worth $718,000. Legal & General Group Plc purchased a new stake in shares of CG Oncology during the second quarter valued at $2,846,000. Jefferies Financial Group Inc. acquired a new position in shares of CG Oncology in the 2nd quarter valued at $54,705,000. Jupiter Topco LLC acquired a new position in shares of CG Oncology in the 2nd quarter valued at $1,634,000. Finally, Bank of America Corp DE purchased a new position in CG Oncology in the 2nd quarter worth about $69,978,000. 26.56% of the stock is currently owned by institutional investors.

CG Oncology Company Profile

CG Oncology is a clinical-stage biotechnology company focused on developing treatments for bladder cancer. Based in Irvine, California, the company's research centers on therapies delivered directly into the bladder. Its lead investigational therapy, cretostimogene grenadenorepvec (formerly CG0070), is an oncolytic immunotherapy being developed for non-muscle-invasive bladder cancer, including disease that has not responded to Bacillus Calmette-Guérin (BCG) treatment. The modified virus is designed to target cancer cells and stimulate an immune response.

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