CG Oncology (NASDAQ:CGON) Reaches New 12-Month Low – What’s Next?

CG Oncology, Inc. (NASDAQ:CGON)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $23.16 and last traded at $23.43, with a volume of 213578 shares trading hands. The stock had previously closed at $24.49.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CGON shares. HC Wainwright reissued a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a report on Monday. TD Cowen assumed coverage on shares of CG Oncology in a report on Tuesday, January 7th. They issued a “buy” rating for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $66.00 price target on shares of CG Oncology in a research note on Friday, December 6th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $55.00 price objective on shares of CG Oncology in a research note on Friday, March 7th. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, CG Oncology currently has an average rating of “Buy” and an average target price of $63.88.

CG Oncology Price Performance

The firm has a market capitalization of $1.70 billion, a PE ratio of -15.77 and a beta of 1.60. The stock’s 50-day moving average price is $27.82 and its 200 day moving average price is $31.72.

CG Oncology (NASDAQ:CGON) last issued its earnings results on Tuesday, March 25th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.11). The business had revenue of $0.46 million for the quarter, compared to the consensus estimate of $0.11 million. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. Equities research analysts forecast that CG Oncology, Inc. will post -1.31 earnings per share for the current fiscal year.

Insider Transactions at CG Oncology

In other news, Director Leonard E. Post sold 1,000 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $29.66, for a total value of $29,660.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Institutional Investors Weigh In On CG Oncology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CGON. NEOS Investment Management LLC increased its stake in shares of CG Oncology by 10.9% during the fourth quarter. NEOS Investment Management LLC now owns 8,329 shares of the company’s stock worth $239,000 after purchasing an additional 817 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of CG Oncology by 3.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,080 shares of the company’s stock worth $862,000 after buying an additional 1,026 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in CG Oncology in the 4th quarter valued at about $41,000. Rhumbline Advisers lifted its stake in CG Oncology by 2.2% in the 4th quarter. Rhumbline Advisers now owns 69,016 shares of the company’s stock worth $1,979,000 after purchasing an additional 1,458 shares in the last quarter. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of CG Oncology by 16.4% in the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,834 shares of the company’s stock valued at $368,000 after purchasing an additional 1,810 shares in the last quarter. 26.56% of the stock is owned by institutional investors and hedge funds.

About CG Oncology

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.