CG Oncology (NASDAQ:CGON) Stock Price Up 7.5% – Time to Buy?

CG Oncology, Inc. (NASDAQ:CGON) shares traded up 7.5% during trading on Tuesday . The company traded as high as $31.95 and last traded at $31.95. 131,562 shares traded hands during trading, a decline of 74% from the average session volume of 515,337 shares. The stock had previously closed at $29.72.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and set a $66.00 target price on shares of CG Oncology in a research report on Friday, December 6th. UBS Group started coverage on CG Oncology in a report on Thursday, October 24th. They set a “buy” rating and a $60.00 price objective on the stock. TD Cowen assumed coverage on CG Oncology in a research note on Tuesday. They issued a “buy” rating for the company. Bank of America reiterated a “buy” rating and set a $65.00 price target on shares of CG Oncology in a research note on Tuesday, October 8th. Finally, HC Wainwright restated a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a research note on Friday, December 6th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $63.88.

CG Oncology Stock Performance

The stock has a fifty day simple moving average of $32.66 and a 200-day simple moving average of $34.25.

CG Oncology (NASDAQ:CGON) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.06. The firm had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. On average, equities research analysts anticipate that CG Oncology, Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling

In related news, Director Hong Fang Song sold 700,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $28.00, for a total value of $19,600,000.00. Following the completion of the transaction, the director now owns 3,003,931 shares in the company, valued at $84,110,068. The trade was a 18.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Leonard E. Post sold 1,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $34.54, for a total value of $34,540.00. The disclosure for this sale can be found here.

Institutional Investors Weigh In On CG Oncology

A number of institutional investors and hedge funds have recently made changes to their positions in CGON. Yu Fan acquired a new stake in CG Oncology in the second quarter worth about $49,828,000. State Street Corp grew its position in shares of CG Oncology by 73.0% during the 3rd quarter. State Street Corp now owns 1,700,653 shares of the company’s stock worth $64,166,000 after buying an additional 717,722 shares during the period. Point72 Asset Management L.P. grew its position in shares of CG Oncology by 575.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 746,063 shares of the company’s stock worth $28,149,000 after buying an additional 635,653 shares during the period. Geode Capital Management LLC raised its stake in shares of CG Oncology by 96.2% during the third quarter. Geode Capital Management LLC now owns 1,078,527 shares of the company’s stock worth $40,701,000 after buying an additional 528,749 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C lifted its holdings in CG Oncology by 811.9% in the second quarter. Deerfield Management Company L.P. Series C now owns 433,540 shares of the company’s stock valued at $13,687,000 after buying an additional 386,000 shares during the period. Institutional investors own 26.56% of the company’s stock.

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.