CG Oncology (NASDAQ:CGON) Trading Down 6.1% – Here’s What Happened

by · The Cerbat Gem

Shares of CG Oncology, Inc. (NASDAQ:CGON – Get Free Report) fell 6.1% on Thursday . The company traded as low as $32.15 and last traded at $33.72. 242,843 shares were traded during trading, a decline of 62% from the average session volume of 637,900 shares. The stock had previously closed at $35.91.

Analysts Set New Price Targets

A number of research firms recently weighed in on CGON. Bank of America reaffirmed a “buy” rating and set a $65.00 price objective on shares of CG Oncology in a research report on Tuesday, October 8th. UBS Group assumed coverage on CG Oncology in a research report on Thursday, October 24th. They set a “buy” rating and a $60.00 price objective for the company. Royal Bank of Canada assumed coverage on CG Oncology in a report on Monday, September 23rd. They issued an “outperform” rating and a $66.00 target price for the company. Roth Mkm assumed coverage on CG Oncology in a report on Tuesday, August 27th. They issued a “buy” rating and a $65.00 target price for the company. Finally, Roth Capital raised CG Oncology to a “strong-buy” rating in a report on Tuesday, August 27th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $63.88.

Check Out Our Latest Report on CGON

CG Oncology Stock Down 7.9 %

The stock has a 50 day moving average price of $35.91 and a 200-day moving average price of $34.85.

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, beating the consensus estimate of ($0.36) by $0.06. The company had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.30 million. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. As a group, research analysts predict that CG Oncology, Inc. will post -1.31 earnings per share for the current year.

Hedge Funds Weigh In On CG Oncology

Several large investors have recently made changes to their positions in the business. Franklin Resources Inc. increased its holdings in shares of CG Oncology by 8.9% in the third quarter. Franklin Resources Inc. now owns 1,230,193 shares of the company’s stock worth $46,157,000 after purchasing an additional 100,106 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of CG Oncology in the third quarter worth about $1,120,000. Geode Capital Management LLC increased its holdings in shares of CG Oncology by 96.2% in the third quarter. Geode Capital Management LLC now owns 1,078,527 shares of the company’s stock worth $40,701,000 after purchasing an additional 528,749 shares during the last quarter. M&T Bank Corp increased its holdings in shares of CG Oncology by 55.7% in the third quarter. M&T Bank Corp now owns 16,758 shares of the company’s stock worth $632,000 after purchasing an additional 5,996 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of CG Oncology by 331.1% in the third quarter. Barclays PLC now owns 90,520 shares of the company’s stock worth $3,416,000 after purchasing an additional 69,523 shares during the last quarter. 26.56% of the stock is currently owned by hedge funds and other institutional investors.

About CG Oncology

(Get Free Report)

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.

Read More