CG Oncology (NASDAQ:CGON) Trading 6% Higher After Insider Buying Activity

CG Oncology, Inc. (NASDAQ:CGON)’s share price traded up 6% on Tuesday following insider buying activity. The company traded as high as $36.42 and last traded at $36.67. 451,566 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 985,435 shares. The stock had previously closed at $34.60.

Specifically, Director Brian Guan-Chyun Liu purchased 1,515,151 shares of CG Oncology stock in a transaction on Thursday, September 11th. The stock was bought at an average price of $33.00 per share, for a total transaction of $49,999,983.00. Following the transaction, the director owned 1,515,151 shares of the company’s stock, valued at $49,999,983. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Zacks Research upgraded CG Oncology from a “strong sell” rating to a “hold” rating in a research report on Monday, September 1st. Cantor Fitzgerald reiterated an “overweight” rating and set a $75.00 price target on shares of CG Oncology in a research report on Monday, September 8th. Piper Sandler assumed coverage on CG Oncology in a research report on Monday, August 18th. They set an “overweight” rating and a $55.00 price target for the company. Wall Street Zen lowered CG Oncology from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Finally, Morgan Stanley upped their price objective on CG Oncology from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Tuesday, June 17th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $53.91.

CG Oncology Stock Up 3.4%

The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of -20.20 and a beta of 0.87. The firm has a 50-day moving average of $27.56 and a two-hundred day moving average of $25.69.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings results on Friday, August 8th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.05). CG Oncology had a negative net margin of 15,945.17% and a negative return on equity of 19.37%. As a group, sell-side analysts predict that CG Oncology, Inc. will post -1.31 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. increased its position in CG Oncology by 15.6% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,945 shares of the company’s stock worth $77,000 after purchasing an additional 398 shares during the last quarter. PNC Financial Services Group Inc. increased its position in CG Oncology by 15.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,279 shares of the company’s stock worth $85,000 after purchasing an additional 433 shares during the last quarter. Invesco Ltd. increased its position in CG Oncology by 2.5% in the 1st quarter. Invesco Ltd. now owns 27,754 shares of the company’s stock worth $680,000 after purchasing an additional 685 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in CG Oncology by 6.5% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 15,270 shares of the company’s stock worth $374,000 after purchasing an additional 930 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in CG Oncology by 0.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 258,090 shares of the company’s stock worth $6,321,000 after purchasing an additional 933 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.