CG Oncology (NASDAQ:CGON) Sees Unusually-High Trading Volume – Here’s What Happened

CG Oncology, Inc. (NASDAQ:CGON) shares saw unusually-strong trading volume on Friday . Approximately 466,609 shares traded hands during trading, a decline of 27% from the previous session’s volume of 641,885 shares.The stock last traded at $29.75 and had previously closed at $28.87.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Bank of America reissued a “buy” rating and issued a $65.00 price target on shares of CG Oncology in a report on Tuesday, October 8th. HC Wainwright restated a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a research note on Friday, December 6th. Roth Capital upgraded CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. Roth Mkm assumed coverage on shares of CG Oncology in a research report on Tuesday, August 27th. They set a “buy” rating and a $65.00 price target for the company. Finally, UBS Group began coverage on shares of CG Oncology in a research note on Thursday, October 24th. They issued a “buy” rating and a $60.00 price objective on the stock. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $63.88.

CG Oncology Stock Performance

The business’s 50 day moving average price is $35.23 and its 200 day moving average price is $34.90.

CG Oncology (NASDAQ:CGON) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.06. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. The firm had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.30 million. Research analysts forecast that CG Oncology, Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Transactions at CG Oncology

In related news, Director Leonard E. Post sold 1,000 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $34.54, for a total value of $34,540.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Trading of CG Oncology

Several institutional investors have recently bought and sold shares of CGON. Amalgamated Bank raised its stake in shares of CG Oncology by 107.6% during the 3rd quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock worth $61,000 after buying an additional 840 shares during the period. California State Teachers Retirement System purchased a new stake in CG Oncology in the 1st quarter worth $103,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in CG Oncology during the third quarter worth $241,000. Profund Advisors LLC purchased a new position in CG Oncology during the second quarter valued at $300,000. Finally, HighVista Strategies LLC acquired a new stake in shares of CG Oncology in the third quarter valued at about $594,000. 26.56% of the stock is owned by institutional investors and hedge funds.

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.