CG Oncology (NASDAQ:CGON) Sees Unusually-High Trading Volume – Should You Buy?

Shares of CG Oncology, Inc. (NASDAQ:CGON) saw strong trading volume on Friday . 466,609 shares changed hands during mid-day trading, a decline of 27% from the previous session’s volume of 641,885 shares.The stock last traded at $29.75 and had previously closed at $28.87.

Wall Street Analyst Weigh In

Several research firms have commented on CGON. Royal Bank of Canada restated an “outperform” rating and set a $66.00 price objective on shares of CG Oncology in a report on Friday, December 6th. HC Wainwright restated 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 research note on Tuesday, August 27th. They issued a “buy” rating and a $65.00 price objective for the company. Roth Capital raised shares of CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Bank of America restated a “buy” rating and issued a $65.00 price target on shares of CG Oncology in a report on Tuesday, October 8th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $63.88.

CG Oncology Price Performance

The business’s fifty day moving average price is $35.39 and its two-hundred day moving average price is $34.91.

CG Oncology (NASDAQ:CGON) last announced its earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.06. The company 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, sell-side analysts predict that CG Oncology, Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Transactions at CG Oncology

In other news, Director Leonard E. Post sold 1,000 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $34.54, for a total transaction of $34,540.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Institutional Trading of CG Oncology

Several large investors have recently bought and sold shares of CGON. Franklin Resources Inc. lifted its stake in shares of CG Oncology by 8.9% during the third quarter. Franklin Resources Inc. now owns 1,230,193 shares of the company’s stock worth $46,157,000 after buying an additional 100,106 shares during the period. Neo Ivy Capital Management purchased a new position in CG Oncology in the 3rd quarter worth $1,120,000. Geode Capital Management LLC lifted its position in CG Oncology by 96.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,078,527 shares of the company’s stock worth $40,701,000 after acquiring an additional 528,749 shares during the period. M&T Bank Corp grew its stake in CG Oncology by 55.7% during the 3rd quarter. M&T Bank Corp now owns 16,758 shares of the company’s stock valued at $632,000 after purchasing an additional 5,996 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of CG Oncology by 331.1% in the third quarter. Barclays PLC now owns 90,520 shares of the company’s stock valued at $3,416,000 after purchasing an additional 69,523 shares during the period. Hedge funds and other institutional investors own 26.56% of the company’s stock.

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.