CG Oncology (NASDAQ:CGON) Stock Price Down 7.7% – Should You Sell?

Shares of CG Oncology, Inc. (NASDAQ:CGON) fell 7.7% during trading on Thursday . The company traded as low as $29.24 and last traded at $29.29. 632,339 shares traded hands during trading, a decline of 2% from the average session volume of 642,369 shares. The stock had previously closed at $31.73.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CGON. Royal Bank of Canada reiterated an “outperform” rating and set a $66.00 price target on shares of CG Oncology in a report on Friday, December 6th. Roth Capital upgraded CG Oncology to a “strong-buy” rating in a report on Tuesday, August 27th. Bank of America reiterated a “buy” rating and set a $65.00 price target on shares of CG Oncology in a report on Tuesday, October 8th. HC Wainwright reiterated a “buy” rating and set a $75.00 price target on shares of CG Oncology in a report on Friday, December 6th. Finally, UBS Group started coverage on CG Oncology in a report on Thursday, October 24th. They set a “buy” rating and a $60.00 price target for the company. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $63.88.

CG Oncology Trading Down 0.4 %

The business has a 50-day moving average price of $35.23 and a 200-day moving average price of $34.89.

CG Oncology (NASDAQ:CGON) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.06. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. The firm had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $0.30 million. On average, analysts predict that CG Oncology, Inc. will post -1.32 EPS for the current year.

Insider Buying and Selling at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $34.54, for a total value of $34,540.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Institutional Trading of CG Oncology

Several large investors have recently made changes to their positions in CGON. Yu Fan bought a new stake in shares of CG Oncology during the second quarter worth $49,828,000. State Street Corp grew its holdings in shares of CG Oncology by 73.0% during the third quarter. State Street Corp now owns 1,700,653 shares of the company’s stock worth $64,166,000 after purchasing an additional 717,722 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in shares of CG Oncology by 575.7% during 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 grew its holdings in shares of CG Oncology by 96.2% during the third quarter. Geode Capital Management LLC now owns 1,078,527 shares of the company’s stock worth $40,701,000 after purchasing an additional 528,749 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C grew its holdings in shares of CG Oncology by 811.9% during the second quarter. Deerfield Management Company L.P. Series C now owns 433,540 shares of the company’s stock worth $13,687,000 after purchasing an additional 386,000 shares during the last quarter. Institutional investors own 26.56% of the company’s stock.

CG Oncology Company Profile

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.