CG Oncology (NASDAQ:CGON) Stock Falls 6.9% – Time to Sell?

CG Oncology, Inc. (NASDAQ:CGON)’s share price was down 6.9% on Tuesday. The stock traded as low as $64.01 and last traded at $63.9350. Approximately 248,281 shares changed hands during trading, a decline of 77% from the average daily volume of 1,098,754 shares. The stock had previously closed at $68.71.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CGON shares. Royal Bank Of Canada dropped their price target on CG Oncology from $81.00 to $79.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Truist Financial boosted their price objective on CG Oncology from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Piper Sandler upped their target price on CG Oncology from $82.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Wall Street Zen downgraded CG Oncology from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, HC Wainwright reissued a “buy” rating and issued a $100.00 price objective on shares of CG Oncology in a report on Wednesday, July 29th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $87.50.

CG Oncology Stock Up 0.8%

The stock has a 50-day simple moving average of $73.69 and a 200 day simple moving average of $69.10. The company has a market cap of $5.57 billion, a PE ratio of -23.36 and a beta of 0.28.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.24). CG Oncology had a negative return on equity of 25.20% and a negative net margin of 3,602.68%.The business had revenue of $1.16 million for the quarter, compared to analyst estimates of $0.36 million. As a group, research analysts anticipate that CG Oncology, Inc. will post -3.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, 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 owned 24,165 shares in the company, valued at approximately $1,816,241.40. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Leonard Post sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $72.98, for a total value of $72,980.00. Following the completion of the sale, the director directly owned 1,000 shares in the company, valued at approximately $72,980. The trade was a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 26,165 shares of company stock worth $1,963,761 over the last three months. Insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of CG Oncology in the second quarter valued at approximately $444,509,000. Seven Fleet Capital Management LP purchased a new stake in CG Oncology during the 4th quarter worth approximately $62,909,000. Bank of America Corp DE acquired a new stake in CG Oncology during the 2nd quarter worth approximately $69,978,000. Jefferies Financial Group Inc. purchased a new position in CG Oncology in the 2nd quarter valued at approximately $54,705,000. Finally, Elmind Capital LP purchased a new position in CG Oncology in the 4th quarter valued at approximately $20,449,000. 26.56% of the stock is currently owned by hedge funds and other institutional investors.

CG Oncology Company Profile

CG Oncology, Inc (NASDAQ: CGON) is a clinical-stage biopharmaceutical company focused on developing therapies for bladder cancer and other cancers of the urinary tract. The company’s research centers on cancer-directed immunotherapies designed to stimulate the immune system and target tumor cells.

Its lead product candidate is cretostimogene grenadenorepvec, an intravesical oncolytic adenovirus being studied for the treatment of non-muscle-invasive bladder cancer (NMIBC). The therapy is designed to be delivered directly into the bladder, where it may selectively infect tumor cells and activate an immune response against cancer.

CG Oncology has evaluated cretostimogene in clinical studies involving patients with NMIBC, including individuals whose disease has not responded adequately to Bacillus Calmette-Guérin (BCG), a standard bladder cancer treatment.