Insider Selling: CG Oncology (NASDAQ:CGON) Director Sells $62,060.00 in Stock

CG Oncology, Inc. (NASDAQ:CGON) Director Leonard Post sold 1,000 shares of the company’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $62.06, for a total transaction of $62,060.00. Following the completion of the sale, the director directly owned 1,000 shares of the company’s stock, valued at $62,060. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

CG Oncology Stock Performance

NASDAQ:CGON opened at $62.24 on Thursday. CG Oncology, Inc. has a 52 week low of $35.80 and a 52 week high of $80.97. The firm has a 50-day moving average price of $71.34 and a two-hundred day moving average price of $68.85. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of -23.14 and a beta of 0.28.

CG Oncology (NASDAQ:CGON) last announced its earnings results on Thursday, August 6th. The company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.66) by ($0.24). The business 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%. As a group, sell-side analysts forecast that CG Oncology, Inc. will post -3.31 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On CG Oncology

A number of hedge funds have recently modified their holdings of CGON. Legal & General Group Plc bought a new position in CG Oncology during the second quarter valued at $2,846,000. Jefferies Financial Group Inc. purchased a new stake in CG Oncology in the second quarter worth $54,705,000. Jupiter Topco LLC purchased a new stake in CG Oncology in the second quarter worth $1,634,000. Bank of New York Mellon Corp purchased a new stake in CG Oncology in the second quarter worth $16,584,000. Finally, Bank of America Corp DE bought a new stake in shares of CG Oncology in the second quarter valued at $69,978,000. Institutional investors own 26.56% of the company’s stock.

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.