CG Oncology (NASDAQ:CGON) Shares Down 4.3% - Time to Sell?

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report)'s stock price dropped 4.3% on Thursday . The stock traded as low as $27.00 and last traded at $27.22. Approximately 160,414 shares were traded during trading, a decline of 76% from the average daily volume of 662,182 shares. The stock had previously closed at $28.45.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Royal Bank of Canada reiterated an "outperform" rating and set a $66.00 price objective on shares of CG Oncology in a research note on Friday, December 6th. Roth Capital raised CG Oncology to a "strong-buy" rating in a research report on Tuesday, August 27th. Bank of America reissued a "buy" rating and issued a $65.00 price objective on shares of CG Oncology in a report on Tuesday, October 8th. UBS Group assumed coverage on CG Oncology in a report on Thursday, October 24th. They set a "buy" rating and a $60.00 target price for the company. Finally, HC Wainwright reissued a "buy" rating and set a $75.00 price target 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 given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $63.88.

CG Oncology Price Performance

The company has a 50-day simple moving average of $34.87 and a 200 day simple moving average of $34.82.

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

Insider Activity at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction on 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 filing with the SEC, which can be accessed through this hyperlink. Also, Director Hong Fang Song sold 700,000 shares of the company'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 transaction, the director now owns 3,003,931 shares of the company's stock, valued at approximately $84,110,068. This trade represents a 18.90 % decrease in their position. The disclosure for this sale can be found here.

Institutional Trading of CG Oncology

Institutional investors have recently made changes to their positions in the company. Amalgamated Bank lifted its holdings in CG Oncology by 107.6% in the 3rd quarter. Amalgamated Bank now owns 1,621 shares of the company's stock valued at $61,000 after purchasing an additional 840 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of CG Oncology in the third quarter worth about $241,000. Profund Advisors LLC acquired a new position in CG Oncology during the second quarter worth about $300,000. HighVista Strategies LLC purchased a new stake in CG Oncology during the 3rd quarter valued at about $594,000. Finally, M&T Bank Corp raised its holdings in CG Oncology by 55.7% in the 3rd quarter. M&T Bank Corp now owns 16,758 shares of the company's stock valued at $632,000 after acquiring an additional 5,996 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.