CG Oncology (NASDAQ:CGON) Reaches New 52-Week Low – Here’s What Happened

CG Oncology, Inc. (NASDAQ:CGON)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $23.91 and last traded at $24.14, with a volume of 193053 shares trading hands. The stock had previously closed at $25.10.

Analysts Set New Price Targets

CGON has been the topic of several analyst reports. TD Cowen assumed coverage on CG Oncology in a report on Tuesday, January 7th. They set a “buy” rating on the stock. HC Wainwright restated a “buy” rating and set a $75.00 target price on shares of CG Oncology in a research report on Friday, January 10th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $66.00 price target on shares of CG Oncology in a research note on Friday, December 6th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $65.14.

CG Oncology Stock Down 1.2 %

The firm has a fifty day moving average of $28.82 and a two-hundred day moving average of $33.08.

Insider Activity

In other CG Oncology news, Director Hong Fang Song sold 700,000 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $28.00, for a total transaction of $19,600,000.00. Following the completion of the transaction, the director now owns 3,003,931 shares of the company’s stock, valued at approximately $84,110,068. This trade represents a 18.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $29.66, for a total value of $29,660.00. The disclosure for this sale can be found here. Insiders sold 702,000 shares of company stock worth $19,664,200 in the last three months.

Hedge Funds Weigh In On CG Oncology

A number of hedge funds have recently bought and sold shares of the business. GF Fund Management CO. LTD. purchased a new stake in CG Oncology during the fourth quarter valued at approximately $41,000. Amalgamated Bank boosted its holdings in shares of CG Oncology by 107.6% during the 3rd quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock valued at $61,000 after purchasing an additional 840 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in CG Oncology during the 4th quarter valued at approximately $68,000. KLP Kapitalforvaltning AS bought a new stake in CG Oncology in the fourth quarter worth $100,000. Finally, Federated Hermes Inc. purchased a new stake in shares of CG Oncology during the 4th quarter valued at about $172,000. 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.