CG Oncology Sees Unusually Large Options Volume (NASDAQ:CGON)

CG Oncology, Inc. (NASDAQ:CGON) saw unusually large options trading on Friday. Traders purchased 15,856 call options on the stock. This represents an increase of 642% compared to the average volume of 2,136 call options.

Insider Buying and Selling

In other news, Director Brian Liu acquired 371,085 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was purchased at an average cost of $66.87 per share, with a total value of $24,814,453.95. Following the completion of the acquisition, the director directly owned 1,886,236 shares in the company, valued at $126,132,601.32. This represents a 24.49% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director James Mulay sold 24,165 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $75.16, for a total value of $1,816,241.40. Following the completion of the sale, the director owned 24,165 shares of the company’s stock, valued at $1,816,241.40. This trade represents a 50.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 37,129 shares of company stock worth $2,683,857. Insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On CG Oncology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fiduciary Financial Advisors acquired a new position in CG Oncology in the 2nd quarter valued at $28,000. NFSG Corp bought a new stake in CG Oncology in the 1st quarter valued at $34,000. Comerica Bank raised its position in CG Oncology by 100.4% in the fourth quarter. Comerica Bank now owns 1,028 shares of the company’s stock worth $43,000 after purchasing an additional 515 shares in the last quarter. LPL Financial LLC raised its holdings in shares of CG Oncology by 9.8% in the 4th quarter. LPL Financial LLC now owns 6,201 shares of the company’s stock worth $257,000 after buying an additional 551 shares in the last quarter. Finally, Fifth Third Bancorp acquired a new position in CG Oncology during the first quarter worth $74,000. Institutional investors and hedge funds own 26.56% of the company’s stock.

CG Oncology Stock Up 0.5%

Shares of NASDAQ:CGON opened at $72.35 on Friday. The firm has a fifty day moving average of $73.79 and a two-hundred day moving average of $67.88. CG Oncology has a 12-month low of $32.57 and a 12-month high of $80.97. The firm has a market capitalization of $6.41 billion, a P/E ratio of -26.90 and a beta of 0.24.

CG Oncology (NASDAQ:CGON) last issued its 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 firm had revenue of $1.16 million during 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 -3.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CGON shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of CG Oncology in a research note on Friday, July 17th. HC Wainwright reissued a “buy” rating and set a $100.00 price target on shares of CG Oncology in a report on Wednesday, July 29th. Piper Sandler boosted their target price on CG Oncology from $82.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Wolfe Research started coverage on shares of CG Oncology in a research report on Tuesday, May 19th. They issued a “peer perform” rating on the stock. Finally, Wall Street Zen downgraded CG Oncology from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Nine analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, CG Oncology has an average rating of “Moderate Buy” and an average price target of $87.78.

About CG Oncology

CG Oncology, Inc (NASDAQ: CGON) is a clinical-stage biotechnology company focused on developing therapies for bladder cancer. The company’s research is centered on treatments designed to stimulate the immune system and target tumors directly, with an emphasis on non-muscle-invasive bladder cancer (NMIBC).

Its lead investigational product, cretostimogene grenadenorep, also known as CG0070, is an intravesical oncolytic adenovirus intended for administration directly into the bladder. The therapy is designed to selectively replicate in cancer cells, promote tumor-cell destruction and stimulate an immune response through the production of granulocyte-macrophage colony-stimulating factor (GM-CSF).