CG Oncology (NASDAQ:CGON) Stock Price Down 4.3% – Should You Sell?

Shares of CG Oncology, Inc. (NASDAQ:CGON) were down 4.3% during mid-day trading on Thursday . The stock traded as low as $27.00 and last traded at $27.22. Approximately 160,414 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 662,182 shares. The stock had previously closed at $28.45.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Bank of America reaffirmed a “buy” rating and set a $65.00 price target on shares of CG Oncology in a research report on Tuesday, October 8th. UBS Group assumed coverage on CG Oncology in a research note on Thursday, October 24th. They set a “buy” rating and a $60.00 target price on the stock. Roth Capital upgraded shares of CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a research report on Friday, December 6th. Finally, Roth Mkm assumed coverage on shares of CG Oncology in a research report on Tuesday, August 27th. They set a “buy” rating and a $65.00 target price for the company. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $63.88.

CG Oncology Price Performance

The firm’s 50 day moving average price is $34.99 and its two-hundred day moving average price is $34.86.

CG Oncology (NASDAQ:CGON) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, topping 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 firm had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $0.30 million. As a group, equities research analysts expect that CG Oncology, Inc. will post -1.32 EPS for the current fiscal year.

Insider Transactions at CG Oncology

In other news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $34.54, for a total transaction of $34,540.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Hong Fang Song sold 700,000 shares of CG Oncology stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $28.00, for a total value of $19,600,000.00. Following the completion of the sale, the director now owns 3,003,931 shares in the company, valued at approximately $84,110,068. This represents a 18.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Institutional Investors Weigh In On CG Oncology

Institutional investors and hedge funds have recently modified their holdings of the stock. Yu Fan purchased a new position in CG Oncology during the second quarter valued at $49,828,000. State Street Corp lifted its stake in CG Oncology by 73.0% during the 3rd quarter. State Street Corp now owns 1,700,653 shares of the company’s stock valued at $64,166,000 after acquiring an additional 717,722 shares during the period. Point72 Asset Management L.P. boosted its holdings in CG Oncology by 575.7% in the third quarter. Point72 Asset Management L.P. now owns 746,063 shares of the company’s stock worth $28,149,000 after purchasing an additional 635,653 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of CG Oncology by 96.2% in the 3rd 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 last quarter. Finally, Deerfield Management Company L.P. Series C grew its stake in shares of CG Oncology by 811.9% during 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 period. 26.56% of the stock is owned by hedge funds and other 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.