CG Oncology (NASDAQ:CGON) Trading Down 8.1% - Here's Why

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report)'s stock price dropped 8.1% during trading on Monday . The company traded as low as $24.31 and last traded at $24.28. Approximately 364,431 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 650,225 shares. The stock had previously closed at $26.42.

Analysts Set New Price Targets

CGON has been the subject of a number of analyst reports. TD Cowen began coverage on shares of CG Oncology in a research note on Tuesday, January 7th. They issued a "buy" rating for the company. Morgan Stanley restated an "overweight" rating and set a $55.00 price target on shares of CG Oncology in a report on Friday, March 7th. Royal Bank of Canada reiterated an "outperform" rating and issued a $66.00 price objective on shares of CG Oncology in a research note on Friday, December 6th. Finally, HC Wainwright restated a "buy" rating and set a $75.00 target price on shares of CG Oncology in a research note on Monday. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, CG Oncology has an average rating of "Buy" and an average price target of $63.88.

CG Oncology Price Performance

The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of -13.20 and a beta of 1.60. The business has a 50 day moving average of $27.26 and a 200 day moving average of $31.48.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued its earnings results on Tuesday, March 25th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.11). CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. The business had revenue of $0.46 million for the quarter, compared to analyst estimates of $0.11 million. On average, sell-side analysts forecast that CG Oncology, Inc. will post -1.31 EPS for the current fiscal year.

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Insiders Place Their Bets

In other news, Director Leonard E. Post sold 1,000 shares of the company's stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $29.66, for a total value of $29,660.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Hedge Funds Weigh In On CG Oncology

Several institutional investors have recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. acquired a new stake in shares of CG Oncology during the fourth quarter worth approximately $41,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in CG Oncology during the 4th quarter worth approximately $68,000. KLP Kapitalforvaltning AS acquired a new stake in CG Oncology during the 4th quarter valued at $100,000. Federated Hermes Inc. bought a new position in CG Oncology in the 4th quarter valued at $172,000. Finally, Meeder Asset Management Inc. acquired a new position in CG Oncology in the fourth quarter worth $189,000. 26.56% of the stock is owned by institutional investors.

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.