CG Oncology (NASDAQ:CGON) Stock Falls 6.9% – Here’s What Happened

CG Oncology, Inc. (NASDAQ:CGON)’s share price traded down 6.9% during mid-day trading on Tuesday. The company traded as low as $64.01 and last traded at $63.9350. 248,281 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 1,098,754 shares. The stock had previously closed at $68.71.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CGON. Wall Street Zen cut shares of CG Oncology from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Weiss Ratings restated a “sell (d-)” rating on shares of CG Oncology in a research note on Friday, July 17th. Piper Sandler lifted their price objective on CG Oncology from $82.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Royal Bank Of Canada reduced their price target on shares of CG Oncology from $81.00 to $79.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $100.00 price target on shares of CG Oncology in a research report on Wednesday, July 29th. Nine research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $87.78.

CG Oncology Stock Performance

The stock’s fifty day moving average is $74.00 and its two-hundred day moving average is $69.13. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of -23.79 and a beta of 0.28.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.24). The firm had revenue of $1.16 million during the quarter, compared to analysts’ expectations of $0.36 million. CG Oncology had a negative net margin of 3,602.68% and a negative return on equity of 25.20%. Sell-side analysts anticipate that CG Oncology, Inc. will post -3.31 earnings per share for the current year.

Insider Buying and Selling

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $72.98, for a total transaction of $72,980.00. Following the completion of the sale, the director owned 1,000 shares in the company, valued at $72,980. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James Mulay sold 24,165 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $75.16, for a total value of $1,816,241.40. Following the transaction, the director directly owned 24,165 shares of the company’s stock, valued at $1,816,241.40. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 26,165 shares of company stock worth $1,963,761. 4.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of CG Oncology during the 2nd quarter valued at $444,509,000. Seven Fleet Capital Management LP increased its holdings in CG Oncology by 24.5% in the second quarter. Seven Fleet Capital Management LP now owns 1,886,236 shares of the company’s stock worth $134,017,000 after buying an additional 371,085 shares during the last quarter. Bank of America Corp DE increased its holdings in CG Oncology by 21.8% in the first quarter. Bank of America Corp DE now owns 1,449,364 shares of the company’s stock worth $98,093,000 after buying an additional 259,311 shares during the last quarter. EcoR1 Capital LLC raised its position in CG Oncology by 3.5% during the first quarter. EcoR1 Capital LLC now owns 1,102,000 shares of the company’s stock valued at $74,583,000 after acquiring an additional 37,200 shares in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new position in shares of CG Oncology during the 2nd quarter worth $54,705,000. 26.56% of the stock is owned by institutional investors and hedge funds.

About CG Oncology

CG Oncology, Inc (NASDAQ: CGON) is a clinical-stage biopharmaceutical company focused on developing therapies for bladder cancer and other cancers of the urinary tract. The company’s research centers on cancer-directed immunotherapies designed to stimulate the immune system and target tumor cells.

Its lead product candidate is cretostimogene grenadenorepvec, an intravesical oncolytic adenovirus being studied for the treatment of non-muscle-invasive bladder cancer (NMIBC). The therapy is designed to be delivered directly into the bladder, where it may selectively infect tumor cells and activate an immune response against cancer.

CG Oncology has evaluated cretostimogene in clinical studies involving patients with NMIBC, including individuals whose disease has not responded adequately to Bacillus Calmette-Guérin (BCG), a standard bladder cancer treatment.