CG Oncology (NASDAQ:CGON) Shares Gap Down – What’s Next?

CG Oncology, Inc. (NASDAQ:CGON)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $33.70, but opened at $32.08. CG Oncology shares last traded at $31.50, with a volume of 53,919 shares traded.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CGON. Roth Capital upgraded CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a report on Friday, December 6th. Roth Mkm began coverage on shares of CG Oncology in a report on Tuesday, August 27th. They set a “buy” rating and a $65.00 target price on the stock. UBS Group started coverage on shares of CG Oncology in a report on Thursday, October 24th. They issued a “buy” rating and a $60.00 price target for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $66.00 price objective on shares of CG Oncology in a research note on Friday, December 6th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $63.88.

CG Oncology Stock Down 9.0 %

The firm’s 50-day simple moving average is $35.39 and its 200 day simple moving average is $34.91.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.06. The business had revenue of $0.04 million during the quarter, compared to analyst estimates of $0.30 million. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. On average, sell-side analysts forecast that CG Oncology, Inc. will post -1.32 earnings per share for the current year.

Insider Activity

In other news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $34.54, for a total value of $34,540.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Investors Weigh In On CG Oncology

A number of institutional investors have recently added to or reduced their stakes in CGON. California State Teachers Retirement System acquired a new stake in shares of CG Oncology in the first quarter valued at $103,000. Bank of New York Mellon Corp boosted its position in shares of CG Oncology by 38.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 89,344 shares of the company’s stock valued at $2,821,000 after purchasing an additional 24,801 shares in the last quarter. Rhumbline Advisers boosted its position in shares of CG Oncology by 13.0% during the 2nd quarter. Rhumbline Advisers now owns 34,229 shares of the company’s stock valued at $1,081,000 after purchasing an additional 3,940 shares in the last quarter. TD Asset Management Inc acquired a new position in shares of CG Oncology in the 2nd quarter worth approximately $2,939,000. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of CG Oncology by 2.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 266,787 shares of the company’s stock worth $8,422,000 after purchasing an additional 6,899 shares in the last quarter. 26.56% of the stock is currently owned by institutional investors and hedge funds.

CG Oncology Company Profile

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.