CG Oncology (NASDAQ:CGON) Trading 6.3% Higher – What’s Next?

CG Oncology, Inc. (NASDAQ:CGON) shares rose 6.3% during mid-day trading on Friday . The company traded as high as $41.50 and last traded at $40.1350. Approximately 492,720 shares traded hands during trading, a decline of 50% from the average daily volume of 985,428 shares. The stock had previously closed at $37.76.

Analyst Ratings Changes

Several research firms have recently commented on CGON. Guggenheim assumed coverage on shares of CG Oncology in a report on Tuesday, October 7th. They issued a “buy” rating and a $90.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of CG Oncology in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on CG Oncology from $41.00 to $47.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Jones Trading began coverage on shares of CG Oncology in a research report on Monday, September 8th. They set a “buy” rating and a $50.00 target price for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $75.00 price target on shares of CG Oncology in a research note on Monday, September 8th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $58.70.

CG Oncology Stock Up 5.7%

The company’s 50-day moving average price is $39.39 and its 200-day moving average price is $30.75. The firm has a market cap of $3.04 billion, a price-to-earnings ratio of -22.55 and a beta of 1.32.

CG Oncology (NASDAQ:CGON) last released its earnings results on Tuesday, November 11th. The company reported ($0.57) earnings per share for the quarter, meeting the consensus estimate of ($0.57). CG Oncology had a negative return on equity of 19.37% and a negative net margin of 15,945.17%. Analysts predict that CG Oncology, Inc. will post -1.31 earnings per share for the current fiscal year.

Insider Activity at CG Oncology

In other news, Director James Mulay sold 27,015 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $31.53, for a total transaction of $851,782.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leonard E. Post sold 5,000 shares of CG Oncology stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $40.09, for a total value of $200,450.00. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 174,359 shares of company stock worth $5,511,784. 7.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CG Oncology

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Mangrove Partners IM LLC increased its stake in shares of CG Oncology by 21.0% during the third quarter. Mangrove Partners IM LLC now owns 671,692 shares of the company’s stock worth $27,056,000 after buying an additional 116,575 shares during the period. Wellington Management Group LLP grew its holdings in CG Oncology by 190.3% during the 3rd quarter. Wellington Management Group LLP now owns 5,512,779 shares of the company’s stock worth $222,055,000 after acquiring an additional 3,613,885 shares in the last quarter. Rosalind Advisors Inc. increased its position in shares of CG Oncology by 55.5% in the 3rd quarter. Rosalind Advisors Inc. now owns 300,000 shares of the company’s stock valued at $12,084,000 after purchasing an additional 107,026 shares during the last quarter. Swiss National Bank raised its holdings in shares of CG Oncology by 1.5% in the 3rd quarter. Swiss National Bank now owns 81,300 shares of the company’s stock valued at $3,275,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of CG Oncology by 1,180.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,119 shares of the company’s stock worth $246,000 after purchasing an additional 5,641 shares during the last quarter. Hedge funds and other 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.