CG Oncology (NASDAQ:CGON) Stock Price Down 8.1% – Here’s What Happened

CG Oncology, Inc. (NASDAQ:CGON) dropped 8.1% during trading on Monday . The company traded as low as $24.31 and last traded at $24.28. Approximately 364,431 shares were traded during trading, a decline of 44% from the average daily volume of 650,225 shares. The stock had previously closed at $26.42.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CGON. TD Cowen initiated coverage on CG Oncology in a research note on Tuesday, January 7th. They set a “buy” rating on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of CG Oncology in a research note on Friday, December 6th. HC Wainwright reissued a “buy” rating and set a $75.00 target price on shares of CG Oncology in a research note on Monday. Finally, Morgan Stanley reissued an “overweight” rating and issued a $55.00 target price on shares of CG Oncology in a research report on Friday, March 7th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, CG Oncology presently has an average rating of “Buy” and an average target price of $63.88.

CG Oncology Trading Up 1.8 %

The stock has a fifty day moving average price of $27.66 and a 200-day moving average price of $31.63. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of -15.81 and a beta of 1.60.

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

Insider Activity at CG Oncology

In related news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction on Monday, January 13th. The stock was sold at an average price of $29.66, for a total transaction of $29,660.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its stake in CG Oncology by 114.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 379,664 shares of the company’s stock worth $14,325,000 after purchasing an additional 202,262 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of CG Oncology by 21.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 73,149 shares of the company’s stock worth $2,760,000 after purchasing an additional 12,848 shares during the last quarter. FMR LLC raised its holdings in shares of CG Oncology by 83,581.6% in the 3rd quarter. FMR LLC now owns 145,606 shares of the company’s stock valued at $5,494,000 after purchasing an additional 145,432 shares during the period. BNP Paribas Financial Markets raised its stake in CG Oncology by 876.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 26,660 shares of the company’s stock valued at $1,006,000 after acquiring an additional 23,931 shares during the period. Finally, MetLife Investment Management LLC lifted its position in CG Oncology by 103.2% during the third quarter. MetLife Investment Management LLC now owns 27,132 shares of the company’s stock worth $1,024,000 after acquiring an additional 13,780 shares during the last quarter. 26.56% of the stock is currently owned by institutional investors.

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.