CG Oncology (NASDAQ:CGON) Stock Jumps 5.9% – Still a Buy?

CG Oncology, Inc. (NASDAQ:CGON) traded up 5.9% during trading on Friday. The company traded as high as $74.19 and last traded at $74.2930. Approximately 771,212 shares changed hands during trading, a decline of 29% from the average daily volume of 1,092,134 shares. The stock had previously closed at $70.15.

Wall Street Analysts Forecast Growth

CGON has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CG Oncology in a research note on Thursday, October 15th. Wall Street Zen raised shares of CG Oncology from a “strong sell” rating to a “sell” rating in a research report on Saturday, November 7th. Guggenheim reduced their price target on shares of CG Oncology from $90.00 to $89.00 and set a “buy” rating for the company in a research report on Monday, November 9th. HC Wainwright restated a “buy” rating and set a $100.00 price target on shares of CG Oncology in a report on Wednesday, July 29th. Finally, Wedbush boosted their price objective on shares of CG Oncology from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Friday, November 6th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, CG Oncology presently has a consensus rating of “Moderate Buy” and an average price target of $88.11.

CG Oncology Trading Up 6.1%

The firm has a 50-day simple moving average of $68.04 and a two-hundred day simple moving average of $66.54. The company has a market capitalization of $6.65 billion, a price-to-earnings ratio of -26.96 and a beta of 0.35.

CG Oncology (NASDAQ:CGON) last announced its quarterly earnings results on Friday, November 6th. The company reported ($0.64) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.83) by $0.19. The business had revenue of $1.60 million during the quarter, compared to analyst estimates of $0.55 million. CG Oncology had a negative return on equity of 24.58% and a negative net margin of 3,851.09%. On average, sell-side analysts forecast that CG Oncology, Inc. will post -3.00 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $62.06, for a total transaction of $62,060.00. Following the transaction, the director owned 1,000 shares of the company’s stock, valued at approximately $62,060. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CGON. Jump Financial LLC bought a new position in shares of CG Oncology during the 3rd quarter valued at $4,665,000. Marshall Wace LLP boosted its holdings in CG Oncology by 179.8% in the third quarter. Marshall Wace LLP now owns 11,708 shares of the company’s stock worth $830,000 after purchasing an additional 7,523 shares in the last quarter. Empowered Funds LLC bought a new stake in CG Oncology in the third quarter worth $201,000. First Trust Advisors LP increased its position in CG Oncology by 17.0% during the third quarter. First Trust Advisors LP now owns 273,284 shares of the company’s stock worth $19,373,000 after buying an additional 39,767 shares during the last quarter. Finally, Public Sector Pension Investment Board acquired a new position in CG Oncology during the third quarter worth $12,902,000. Institutional investors and hedge funds own 26.56% of the company’s stock.

About CG Oncology

CG Oncology is a clinical-stage biotechnology company focused on developing treatments for bladder cancer. Based in Irvine, California, the company’s research centers on therapies delivered directly into the bladder. Its lead investigational therapy, cretostimogene grenadenorepvec (formerly CG0070), is an oncolytic immunotherapy being developed for non-muscle-invasive bladder cancer, including disease that has not responded to Bacillus Calmette-Guérin (BCG) treatment. The modified virus is designed to target cancer cells and stimulate an immune response.