CG Oncology (NASDAQ:CGON) Stock Price Up 7.5% - Here's Why

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) shares shot up 7.5% during mid-day trading on Tuesday . The company traded as high as $31.95 and last traded at $31.95. 131,562 shares were traded during mid-day trading, a decline of 74% from the average session volume of 515,337 shares. The stock had previously closed at $29.72.

Analyst Ratings Changes

A number of equities analysts have commented on CGON shares. TD Cowen assumed coverage on shares of CG Oncology in a research note on Tuesday. They set a "buy" rating on the stock. UBS Group began coverage on CG Oncology in a report on Thursday, October 24th. They issued a "buy" rating and a $60.00 price objective on the stock. Bank of America reissued a "buy" rating and set a $65.00 target price on shares of CG Oncology in a research note on Tuesday, October 8th. HC Wainwright reaffirmed a "buy" rating and issued a $75.00 price target on shares of CG Oncology in a research note on Friday, December 6th. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $66.00 price objective on shares of CG Oncology in a research report on Friday, December 6th. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $63.88.

CG Oncology Trading Up 4.3 %

The company has a 50 day moving average of $32.78 and a 200 day moving average of $34.28.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $0.30 million. Analysts anticipate that CG Oncology, Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Hong Fang Song sold 700,000 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at $84,110,068. This trade represents a 18.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Leonard E. Post sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $34.54, for a total transaction of $34,540.00. The disclosure for this sale can be found here.

Institutional Investors Weigh In On CG Oncology

Several hedge funds have recently modified their holdings of the stock. Amalgamated Bank lifted its holdings in shares of 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 buying an additional 840 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in CG Oncology in the third quarter valued at $241,000. Profund Advisors LLC purchased a new stake in shares of CG Oncology during the 2nd quarter worth $300,000. HighVista Strategies LLC acquired a new position in shares of CG Oncology during the 3rd quarter worth $594,000. Finally, M&T Bank Corp increased its holdings in shares of 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 purchasing an additional 5,996 shares in the last quarter. 26.56% of the stock is owned by institutional investors and hedge funds.

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.