CG Oncology (NASDAQ:CGON) Sets New 12-Month High – Here’s Why

CG Oncology, Inc. (NASDAQ:CGON)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $46.01 and last traded at $44.84, with a volume of 98696 shares. The stock had previously closed at $44.73.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Jones Trading began coverage on shares of CG Oncology in a report on Monday, September 8th. They issued a “buy” rating and a $50.00 price target for the company. Piper Sandler began coverage on CG Oncology in a research report on Monday, August 18th. They issued an “overweight” rating and a $55.00 price objective on the stock. Guggenheim initiated coverage on shares of CG Oncology in a research report on Tuesday, October 7th. They set a “buy” rating and a $90.00 target price on the stock. Morgan Stanley lifted their price target on CG Oncology from $56.00 to $79.00 and gave the company an “overweight” rating in a report on Wednesday, September 17th. Finally, Wall Street Zen upgraded CG Oncology from a “sell” rating to a “hold” rating in a report on Friday, October 3rd. One equities research 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 given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $59.73.

CG Oncology Stock Down 1.2%

The stock has a 50 day simple moving average of $41.69 and a 200 day simple moving average of $32.57. The company has a market cap of $3.56 billion, a price-to-earnings ratio of -21.65 and a beta of 1.29.

CG Oncology (NASDAQ:CGON) last posted its earnings results on Friday, November 14th. The company reported ($0.57) EPS for the quarter, hitting analysts’ consensus estimates of ($0.57). The business had revenue of $0.16 million for the quarter, compared to analysts’ expectations of $0.07 million. CG Oncology had a negative net margin of 15,945.17% and a negative return on equity of 21.67%. As a group, equities research analysts expect that CG Oncology, Inc. will post -1.31 EPS for the current fiscal year.

Insider Buying and Selling at CG Oncology

In other CG Oncology news, Director James Mulay sold 19,112 shares of the company’s stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $39.01, for a total value of $745,559.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Leonard E. Post sold 5,000 shares of CG Oncology stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $40.09, for a total value of $200,450.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 48,344 shares of company stock valued at $1,921,431 in the last ninety days. Insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On CG Oncology

A number of institutional investors have recently made changes to their positions in CGON. Mirae Asset Global Investments Co. Ltd. grew its position in shares of CG Oncology by 15.6% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,945 shares of the company’s stock worth $77,000 after buying an additional 398 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in CG Oncology by 15.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,279 shares of the company’s stock valued at $85,000 after acquiring an additional 433 shares during the last quarter. CWM LLC grew its holdings in CG Oncology by 10.9% during the 3rd quarter. CWM LLC now owns 6,865 shares of the company’s stock worth $277,000 after acquiring an additional 672 shares in the last quarter. Invesco Ltd. increased its position in shares of CG Oncology by 2.5% in the 1st quarter. Invesco Ltd. now owns 27,754 shares of the company’s stock worth $680,000 after purchasing an additional 685 shares during the last quarter. Finally, Strengthening Families & Communities LLC acquired a new stake in shares of CG Oncology in the 3rd quarter valued at about $40,000. 26.56% of the stock is owned by institutional investors and hedge funds.

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.