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

CG Oncology, Inc. (NASDAQ:CGON)’s stock price shot up 7.5% 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

CGON has been the topic of a number of research reports. TD Cowen initiated coverage on shares of CG Oncology in a research report on Tuesday. They issued a “buy” rating on the stock. UBS Group initiated coverage on CG Oncology in a research report on Thursday, October 24th. They set a “buy” rating and a $60.00 price target for the company. Bank of America reissued a “buy” rating and issued a $65.00 target price on shares of CG Oncology in a research note on Tuesday, October 8th. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a report on Friday, December 6th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $66.00 target price on shares of CG Oncology in a report on Friday, December 6th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $63.88.

CG Oncology Trading Up 4.8 %

The firm has a fifty day simple moving average of $32.88 and a two-hundred day simple moving average of $34.28.

CG Oncology (NASDAQ:CGON) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, beating 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 net margin of 10,642.98% and a negative return on equity of 18.97%. On average, equities research analysts predict that CG Oncology, Inc. will post -1.32 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On CG Oncology

A number of hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank raised its holdings in shares of CG Oncology by 107.6% during the third quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock valued at $61,000 after purchasing an additional 840 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in CG Oncology during the 3rd quarter valued at $241,000. Profund Advisors LLC bought a new position in shares of CG Oncology during the 2nd quarter valued at $300,000. HighVista Strategies LLC bought a new position in shares of CG Oncology during the 3rd quarter valued at $594,000. Finally, M&T Bank Corp boosted its stake in shares of CG Oncology by 55.7% in the 3rd quarter. M&T Bank Corp now owns 16,758 shares of the company’s stock worth $632,000 after buying an additional 5,996 shares during the last quarter. 26.56% of the stock is currently owned by hedge funds and other institutional investors.

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.