CG Oncology (NASDAQ:CGON) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

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

Analyst Upgrades and Downgrades

CGON has been the topic of a number of recent research reports. Piper Sandler raised their target price on CG Oncology from $82.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 7th. HC Wainwright reaffirmed a “buy” rating and issued a $100.00 price target on shares of CG Oncology in a report on Wednesday, July 29th. Weiss Ratings restated a “sell (d-)” rating on shares of CG Oncology in a research report on Thursday, October 15th. Royal Bank Of Canada lowered their target price on shares of CG Oncology from $81.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Finally, Wall Street Zen downgraded CG Oncology from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Eight research 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $87.50.

CG Oncology Stock Performance

The stock has a market cap of $6.00 billion, a P/E ratio of -25.15 and a beta of 0.35. The firm has a 50-day moving average price of $68.57 and a 200-day moving average price of $65.94.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.24). The company had revenue of $1.16 million during the quarter, compared to analysts’ expectations of $0.36 million. CG Oncology had a negative return on equity of 25.20% and a negative net margin of 3,602.68%. On average, research analysts predict that CG Oncology, Inc. will post -3.31 earnings per share for the current year.

Insider Activity at CG Oncology

In other news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction that occurred on Thursday, October 15th. The shares were 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 $62,060. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 3,000 shares of company stock valued at $209,580 over the last three months. Insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On CG Oncology

A number of hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of CG Oncology during the second quarter valued at approximately $444,509,000. Seven Fleet Capital Management LP grew its stake in CG Oncology by 24.5% in the second quarter. Seven Fleet Capital Management LP now owns 1,886,236 shares of the company’s stock worth $134,017,000 after purchasing an additional 371,085 shares in the last quarter. Bank of America Corp DE increased its holdings in CG Oncology by 21.8% during the 1st quarter. Bank of America Corp DE now owns 1,449,364 shares of the company’s stock worth $98,093,000 after purchasing an additional 259,311 shares during the period. EcoR1 Capital LLC grew its position in shares of CG Oncology by 3.5% during the 1st quarter. EcoR1 Capital LLC now owns 1,102,000 shares of the company’s stock worth $74,583,000 after buying an additional 37,200 shares in the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in CG Oncology in the second quarter worth about $54,705,000. 26.56% of the stock is currently owned by institutional investors.

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.