Insider Selling: CG Oncology, Inc. (NASDAQ:CGON) Director Sells 700,000 Shares of Stock

CG Oncology, Inc. (NASDAQ:CGON) Director Hong Fang Song sold 700,000 shares of the firm’s stock in a transaction dated 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 completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

CG Oncology Stock Performance

NASDAQ CGON opened at $28.02 on Friday. The stock’s 50 day simple moving average is $34.87 and its 200-day simple moving average is $34.82. CG Oncology, Inc. has a 1-year low of $25.77 and a 1-year high of $50.23.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.06. The firm had revenue of $0.04 million during the quarter, compared to analysts’ expectations of $0.30 million. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. As a group, sell-side analysts forecast that CG Oncology, Inc. will post -1.32 EPS for the current year.

Wall Street Analysts Forecast Growth

CGON has been the topic of several research analyst reports. Roth Mkm assumed coverage on CG Oncology in a research note on Tuesday, August 27th. They issued a “buy” rating and a $65.00 price objective on the stock. UBS Group assumed coverage on shares of CG Oncology in a report on Thursday, October 24th. They set a “buy” rating and a $60.00 target price for 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. Royal Bank of Canada restated an “outperform” rating and issued a $66.00 target price on shares of CG Oncology in a research note on Friday, December 6th. Finally, HC Wainwright restated a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a research report on Friday, December 6th. 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 company has an average rating of “Buy” and an average target price of $63.88.

Institutional Investors Weigh In On CG Oncology

A number of hedge funds have recently modified their holdings of CGON. Amalgamated Bank grew its stake in CG Oncology by 107.6% during the 3rd quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock valued at $61,000 after acquiring an additional 840 shares in the last quarter. California State Teachers Retirement System acquired a new position in shares of CG Oncology during the 1st quarter worth approximately $103,000. Rhumbline Advisers grew its position in shares of CG Oncology by 13.0% in the second quarter. Rhumbline Advisers now owns 34,229 shares of the company’s stock valued at $1,081,000 after purchasing an additional 3,940 shares in the last quarter. M&T Bank Corp increased its holdings in shares of CG Oncology by 55.7% in the third quarter. M&T Bank Corp now owns 16,758 shares of the company’s stock valued at $632,000 after purchasing an additional 5,996 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in CG Oncology during the third quarter worth approximately $241,000. 26.56% of the stock is currently 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.