CG Oncology (NASDAQ:CGON) Stock Sees Heavy Call Option Buying

CG Oncology, Inc. (NASDAQ:CGON) saw unusually large options trading activity on Monday. Stock investors bought 3,347 call options on the company. This represents an increase of approximately 74% compared to the average volume of 1,919 call options.

Analyst Ratings Changes

Several brokerages have commented on CGON. Royal Bank Of Canada cut their target price on CG Oncology from $81.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. HC Wainwright reissued a “buy” rating and issued a $100.00 price target on shares of CG Oncology in a research note on Wednesday, July 29th. Piper Sandler raised their price objective on CG Oncology from $82.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Weiss Ratings restated a “sell (d-)” rating on shares of CG Oncology in a report on Thursday. Finally, Wall Street Zen downgraded CG Oncology from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $87.50.

CG Oncology Stock Up 0.4%

CGON traded up $0.25 during trading on Monday, hitting $60.10. The company’s stock had a trading volume of 114,592 shares, compared to its average volume of 1,088,729. CG Oncology has a twelve month low of $35.80 and a twelve month high of $80.97. The stock’s fifty day moving average price is $72.27 and its 200-day moving average price is $68.97. The firm has a market capitalization of $5.33 billion, a P/E ratio of -22.35 and a beta of 0.28.

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

Insider Buying and Selling at CG Oncology

In related news, Director Leonard E. Post sold 1,000 shares of the business’s stock in a transaction 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 sale, the director owned 1,000 shares of the company’s stock, valued at $72,980. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CGON. Legal & General Group Plc acquired a new stake in CG Oncology in the second quarter valued at approximately $2,846,000. Jupiter Topco LLC bought a new stake in shares of CG Oncology during the second quarter valued at approximately $1,634,000. Jefferies Financial Group Inc. acquired a new position in shares of CG Oncology during the second quarter worth approximately $54,705,000. Bank of New York Mellon Corp acquired a new position in shares of CG Oncology during the second quarter worth approximately $16,584,000. Finally, Squarepoint Ops LLC acquired a new position in shares of CG Oncology during the second quarter worth approximately $1,029,000. 26.56% of the stock is owned by 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.