CG Oncology (NASDAQ:CGON) Stock Price Up 7.5% – Here’s What Happened

Shares of CG Oncology, Inc. (NASDAQ:CGON) shot up 7.5% during mid-day trading on Tuesday . The company traded as high as $31.95 and last traded at $31.95. 131,562 shares traded hands during mid-day 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

Several equities analysts have recently commented on the company. Bank of America restated a “buy” rating and issued a $65.00 price objective on shares of CG Oncology in a research report on Tuesday, October 8th. TD Cowen began coverage on CG Oncology in a report on Tuesday. They issued a “buy” rating on the stock. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price objective on shares of CG Oncology in a report on Friday, December 6th. Royal Bank of Canada restated an “outperform” rating and set a $66.00 target price on shares of CG Oncology in a research report on Friday, December 6th. Finally, UBS Group started coverage on CG Oncology in a report on Thursday, October 24th. They issued a “buy” rating and a $60.00 target price on the stock. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $63.88.

CG Oncology Stock Performance

The stock has a 50-day simple moving average of $32.88 and a 200 day simple moving average of $34.28.

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

Insider Activity

In other CG Oncology news, 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 transaction of $19,600,000.00. Following the transaction, the director now directly owns 3,003,931 shares in the company, valued at $84,110,068. This represents a 18.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Leonard E. Post sold 1,000 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $34.54, for a total transaction of $34,540.00. The disclosure for this sale can be found here.

Institutional Investors Weigh In On CG Oncology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Yu Fan purchased a new stake in shares of CG Oncology in the 2nd quarter valued at about $49,828,000. State Street Corp increased its stake in CG Oncology by 73.0% in the third quarter. State Street Corp now owns 1,700,653 shares of the company’s stock valued at $64,166,000 after purchasing an additional 717,722 shares during the period. Point72 Asset Management L.P. raised its holdings in shares of CG Oncology by 575.7% in the third quarter. Point72 Asset Management L.P. now owns 746,063 shares of the company’s stock valued at $28,149,000 after buying an additional 635,653 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of CG Oncology by 96.2% during the third quarter. Geode Capital Management LLC now owns 1,078,527 shares of the company’s stock worth $40,701,000 after buying an additional 528,749 shares during the period. Finally, Deerfield Management Company L.P. Series C grew its stake in shares of CG Oncology by 811.9% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 433,540 shares of the company’s stock valued at $13,687,000 after purchasing an additional 386,000 shares during the last quarter. Institutional investors and hedge funds 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.