CG Oncology (NASDAQ:CGON) Stock Price Up 6.8% – Still a Buy?

CG Oncology, Inc. (NASDAQ:CGON)’s stock price rose 6.8% during mid-day trading on Tuesday . The stock traded as high as $26.96 and last traded at $26.55. Approximately 754,112 shares were traded during trading, a decline of 30% from the average daily volume of 1,078,105 shares. The stock had previously closed at $24.86.

Wall Street Analysts Forecast Growth

CGON has been the topic of several research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a research note on Monday, April 28th. Royal Bank of Canada raised their target price on shares of CG Oncology from $66.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 29th. Morgan Stanley decreased their price objective on CG Oncology from $55.00 to $52.00 and set an “overweight” rating for the company in a report on Monday. JPMorgan Chase & Co. started coverage on CG Oncology in a research report on Friday, May 2nd. They set an “overweight” rating and a $41.00 target price on the stock. Finally, Scotiabank began coverage on CG Oncology in a research report on Wednesday, April 16th. They issued a “sector perform” rating and a $23.00 price target for the company. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, CG Oncology presently has an average rating of “Buy” and a consensus target price of $58.22.

CG Oncology Stock Performance

The stock has a market cap of $2.02 billion, a PE ratio of -17.59 and a beta of 1.08. The company has a 50 day moving average of $23.36 and a two-hundred day moving average of $27.99.

CG Oncology (NASDAQ:CGON) last announced its earnings results on Tuesday, May 13th. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.09). The business had revenue of $0.05 million for the quarter, compared to analysts’ expectations of $0.53 million. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. As a group, equities research analysts anticipate that CG Oncology, Inc. will post -1.31 EPS for the current year.

Insider Activity

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction on Monday, April 28th. The stock was sold at an average price of $30.76, for a total value of $30,760.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 7.40% of the company’s stock.

Institutional Investors Weigh In On CG Oncology

A number of hedge funds have recently modified their holdings of the company. Barclays PLC raised its position in CG Oncology by 331.1% in the third quarter. Barclays PLC now owns 90,520 shares of the company’s stock valued at $3,416,000 after purchasing an additional 69,523 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of CG Oncology by 59.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 31,071 shares of the company’s stock worth $1,172,000 after purchasing an additional 11,542 shares during the period. China Universal Asset Management Co. Ltd. acquired a new stake in shares of CG Oncology during the 4th quarter worth about $411,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in CG Oncology in the 4th quarter valued at about $68,000. Finally, Rhumbline Advisers raised its holdings in CG Oncology by 2.2% in the 4th quarter. Rhumbline Advisers now owns 69,016 shares of the company’s stock valued at $1,979,000 after buying an additional 1,458 shares during the period. Hedge funds and other institutional investors own 26.56% of the company’s stock.

CG Oncology Company Profile

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.