CG Oncology Target of Unusually High Options Trading (NASDAQ:CGON)

CG Oncology, Inc. (NASDAQ:CGON) saw some unusual options trading activity on Friday. Stock traders acquired 15,856 call options on the stock. This represents an increase of approximately 642% compared to the average daily volume of 2,136 call options.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. HC Wainwright reissued a “buy” rating and issued a $100.00 price objective on shares of CG Oncology in a research report on Wednesday, July 29th. Truist Financial boosted their price target on shares of CG Oncology from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Piper Sandler lifted their target price on CG Oncology from $82.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Royal Bank Of Canada dropped their target price on CG Oncology from $81.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Finally, Wall Street Zen downgraded CG Oncology from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $87.78.

CG Oncology Stock Up 0.4%

Shares of CGON stock traded up $0.30 on Friday, reaching $72.30. The stock had a trading volume of 380,112 shares, compared to its average volume of 1,093,408. CG Oncology has a 12 month low of $32.57 and a 12 month high of $80.97. The firm has a market capitalization of $6.41 billion, a price-to-earnings ratio of -26.87 and a beta of 0.24. The firm’s 50-day moving average is $73.75 and its two-hundred day moving average is $67.85.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.24). The business had revenue of $1.16 million during the quarter, compared to the consensus estimate of $0.36 million. CG Oncology had a negative net margin of 3,602.68% and a negative return on equity of 25.20%. On average, sell-side analysts forecast that CG Oncology will post -3.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Brian Liu acquired 371,085 shares of CG Oncology stock in a transaction dated Thursday, June 25th. The stock was bought at an average cost of $66.87 per share, with a total value of $24,814,453.95. Following the completion of the transaction, the director directly owned 1,886,236 shares of the company’s stock, valued at approximately $126,132,601.32. This represents a 24.49% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Mulay sold 24,165 shares of CG Oncology stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $75.16, for a total value of $1,816,241.40. Following the completion of the sale, the director directly owned 24,165 shares in the company, valued at approximately $1,816,241.40. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 37,129 shares of company stock valued at $2,683,857. Company insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On CG Oncology

A number of institutional investors have recently made changes to their positions in CGON. Tidal Investments LLC grew its holdings in CG Oncology by 8.8% in the 2nd quarter. Tidal Investments LLC now owns 68,702 shares of the company’s stock valued at $4,881,000 after buying an additional 5,539 shares in the last quarter. WINTON GROUP Ltd bought a new stake in shares of CG Oncology in the second quarter valued at about $718,000. Squarepoint Ops LLC acquired a new position in shares of CG Oncology in the second quarter valued at about $1,029,000. Arizona State Retirement System increased its position in CG Oncology by 19.0% during the second quarter. Arizona State Retirement System now owns 13,979 shares of the company’s stock worth $993,000 after acquiring an additional 2,232 shares during the period. Finally, Nykredit A S acquired a new stake in CG Oncology in the 2nd quarter worth about $245,000. Institutional investors own 26.56% of the company’s stock.

CG Oncology Company Profile

CG Oncology, Inc (NASDAQ: CGON) is a clinical-stage biotechnology company focused on developing therapies for bladder cancer. The company’s research is centered on treatments designed to stimulate the immune system and target tumors directly, with an emphasis on non-muscle-invasive bladder cancer (NMIBC).

Its lead investigational product, cretostimogene grenadenorep, also known as CG0070, is an intravesical oncolytic adenovirus intended for administration directly into the bladder. The therapy is designed to selectively replicate in cancer cells, promote tumor-cell destruction and stimulate an immune response through the production of granulocyte-macrophage colony-stimulating factor (GM-CSF).