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

Shares of CG Oncology, Inc. (NASDAQ:CGON) 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.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Piper Sandler increased their target price on shares of CG Oncology from $82.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of CG Oncology in a report on Thursday, October 15th. Royal Bank Of Canada decreased their price objective on shares of CG Oncology from $81.00 to $79.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. HC Wainwright reiterated a “buy” rating and set a $100.00 price objective on shares of CG Oncology in a research note on Wednesday, July 29th. Finally, Truist Financial upped their target price on CG Oncology from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, CG Oncology presently has a consensus rating of “Moderate Buy” and an average target price of $87.50.

CG Oncology Trading Up 5.6%

The firm has a market cap of $6.00 billion, a PE ratio of -25.15 and a beta of 0.35. The company has a 50-day simple moving average of $68.57 and a 200 day simple moving average of $65.94.

CG Oncology (NASDAQ:CGON) last announced its quarterly earnings results 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 firm had revenue of $1.16 million for the quarter, compared to analysts’ expectations of $0.36 million. On average, equities analysts expect that CG Oncology, Inc. will post -3.31 earnings per share for the current year.

Insider Activity

In related news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $62.06, for a total value of $62,060.00. Following the completion of the transaction, the director owned 1,000 shares in the company, valued at $62,060. The trade was a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have sold 3,000 shares of company stock worth $209,580. Corporate insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On CG Oncology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC lifted its stake in CG Oncology by 4.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,728 shares of the company’s stock valued at $255,000 after buying an additional 175 shares in the last quarter. Alps Advisors Inc. raised its stake in CG Oncology by 31.7% in the 3rd quarter. Alps Advisors Inc. now owns 117,456 shares of the company’s stock valued at $8,326,000 after purchasing an additional 28,238 shares during the last quarter. Covestor Ltd boosted its stake in CG Oncology by 72.6% during the 3rd quarter. Covestor Ltd now owns 770 shares of the company’s stock worth $55,000 after purchasing an additional 324 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of CG Oncology during the third quarter worth $321,000. Finally, China Universal Asset Management Co. Ltd. lifted its stake in shares of CG Oncology by 15.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 16,173 shares of the company’s stock worth $1,141,000 after buying an additional 2,136 shares in the last quarter. Hedge funds and other institutional investors own 26.56% of the company’s stock.

About CG Oncology

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.