CG Oncology (NASDAQ:CGON) Reaches New 1-Year Low After Insider Selling

CG Oncology, Inc. (NASDAQ:CGON)’s share price reached a new 52-week low on Wednesday following insider selling activity. The company traded as low as $26.00 and last traded at $26.94, with a volume of 1664324 shares traded. The stock had previously closed at $26.94.

Specifically, Director Leonard E. Post sold 1,000 shares of the company’s stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $30.76, for a total value of $30,760.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. TD Cowen started coverage on CG Oncology in a research report on Tuesday, January 7th. They set a “buy” rating on the stock. Scotiabank started coverage on CG Oncology in a research note on Wednesday, April 16th. They issued a “sector perform” rating and a $23.00 price target for the company. HC Wainwright reissued a “buy” rating and issued a $75.00 price target on shares of CG Oncology in a report on Monday. Cantor Fitzgerald restated an “overweight” rating and set a $75.00 price objective on shares of CG Oncology in a report on Monday. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $55.00 target price on shares of CG Oncology in a research note on Friday, March 7th. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, CG Oncology presently has an average rating of “Buy” and a consensus target price of $59.56.

CG Oncology Stock Up 3.0 %

The company has a market cap of $2.11 billion, a price-to-earnings ratio of -19.54 and a beta of 1.24. The company has a fifty day simple moving average of $23.60 and a two-hundred day simple moving average of $29.07.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings data on Tuesday, March 25th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.11). CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. The company had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $0.11 million. On average, research analysts predict that CG Oncology, Inc. will post -1.31 EPS for the current year.

Hedge Funds Weigh In On CG Oncology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Foresite Capital Management VI LLC acquired a new stake in shares of CG Oncology during the fourth quarter worth approximately $63,712,000. Marshall Wace LLP boosted its stake in CG Oncology by 18,836.0% during the 4th quarter. Marshall Wace LLP now owns 1,458,072 shares of the company’s stock valued at $41,818,000 after acquiring an additional 1,450,372 shares during the last quarter. Wellington Management Group LLP grew its holdings in CG Oncology by 274.4% during the 4th quarter. Wellington Management Group LLP now owns 1,910,470 shares of the company’s stock worth $54,792,000 after acquiring an additional 1,400,251 shares in the last quarter. Acorn Capital Advisors LLC bought a new stake in shares of CG Oncology in the 4th quarter worth about $32,451,000. Finally, Decheng Capital LLC increased its position in shares of CG Oncology by 16.3% in the 4th quarter. Decheng Capital LLC now owns 6,371,669 shares of the company’s stock worth $182,739,000 after purchasing an additional 892,859 shares during the last quarter. 26.56% of the stock is owned by institutional investors and hedge funds.

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.