CG Oncology (NASDAQ:CGON) Stock Price Crosses Above 200-Day Moving Average – Time to Sell?

CG Oncology, Inc. (NASDAQ:CGON)’s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $65.94 and traded as high as $67.88. CG Oncology shares last traded at $67.6410, with a volume of 1,393,822 shares trading hands.

Key Stories Impacting CG Oncology

Here are the key news stories impacting CG Oncology this week:

• Positive Sentiment: CG Oncology reported a third-quarter loss of $0.64 per share, narrower than analysts’ estimates of about $0.83–$0.86 per share. Zacks earnings report
• Positive Sentiment: Revenue was $1.6 million, above the approximately $0.55 million analysts expected, further supporting the favorable market reaction. CG Oncology Gains on Q3 Results
• Neutral Sentiment: The quarterly loss widened from $0.57 per share a year earlier to $0.64, despite beating current estimates. Investors should weigh that ongoing loss against the earnings and revenue surprises. Zacks earnings report

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Royal Bank Of Canada reduced their price target on CG Oncology from $81.00 to $79.00 and set an “outperform” rating for the company in a report on Friday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of CG Oncology in a report on Thursday, October 15th. HC Wainwright restated a “buy” rating and issued a $100.00 price objective on shares of CG Oncology in a research report on Wednesday, July 29th. Wall Street Zen downgraded CG Oncology from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 8th. Finally, Truist Financial lifted their price target on shares of CG Oncology from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $87.50.

CG Oncology Stock Performance

The stock has a market capitalization of $6.74 billion, a PE ratio of -28.25 and a beta of 0.35. The stock’s 50 day moving average is $68.23 and its two-hundred day moving average is $66.09.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings data on Friday, November 6th. The company reported ($0.64) EPS for the quarter, topping the consensus estimate of ($0.83) by $0.19. CG Oncology had a negative return on equity of 25.20% and a negative net margin of 3,602.68%. The company had revenue of $1.60 million during the quarter, compared to analyst estimates of $0.55 million. Equities research analysts expect that CG Oncology, Inc. will post -3.31 EPS for the current fiscal year.

Insider Activity at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $62.06, for a total value of $62,060.00. Following the transaction, the director owned 1,000 shares in the company, valued at approximately $62,060. This trade represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold 3,000 shares of company stock worth $209,580 in the last three months. 4.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CG Oncology

A number of large investors have recently modified their holdings of CGON. Fisher Asset Management LLC boosted its position in shares of CG Oncology by 4.4% during the 3rd quarter. Fisher Asset Management LLC now owns 476,917 shares of the company’s stock valued at $33,809,000 after acquiring an additional 19,939 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of CG Oncology by 48.6% in the third quarter. Russell Investments Group Ltd. now owns 248,725 shares of the company’s stock valued at $17,597,000 after purchasing an additional 81,296 shares during the period. Jefferies Financial Group Inc. increased its position in CG Oncology by 8.5% during the third quarter. Jefferies Financial Group Inc. now owns 835,342 shares of the company’s stock worth $59,217,000 after purchasing an additional 65,395 shares during the last quarter. Knights of Columbus Asset Advisors LLC increased its position in CG Oncology by 6.3% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 22,186 shares of the company’s stock worth $1,573,000 after purchasing an additional 1,316 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in CG Oncology by 4.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,728 shares of the company’s stock worth $255,000 after purchasing an additional 175 shares during the last quarter. Hedge funds and other 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 and other cancers affecting the urinary tract. The company is developing medicines designed to stimulate the immune system and target tumor cells within the bladder.

Its lead product candidate is cretostimogene grenadenorep, an investigational intravesical therapy based on an oncolytic adenovirus. The treatment is designed to be administered directly into the bladder, where it may selectively infect cancer cells, promote their destruction and activate an immune response against the tumor.