CG Oncology (NASDAQ:CGON) Reaches New 1-Year High – Should You Buy?

CG Oncology, Inc. (NASDAQ:CGON)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $42.27 and last traded at $40.71, with a volume of 1901931 shares traded. The stock had previously closed at $38.00.

Wall Street Analysts Forecast Growth

CGON has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on CG Oncology from $41.00 to $47.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Jones Trading assumed coverage on CG Oncology in a research report on Monday, September 8th. They set a “buy” rating and a $50.00 price target on the stock. Piper Sandler assumed coverage on shares of CG Oncology in a research note on Monday, August 18th. They set an “overweight” rating and a $55.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $75.00 price objective on shares of CG Oncology in a research note on Monday, September 8th. Finally, Zacks Research raised shares of CG Oncology from a “strong sell” rating to a “hold” rating in a report on Monday, September 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.82.

CG Oncology Stock Down 2.7%

The firm has a market capitalization of $3.30 billion, a P/E ratio of -24.44 and a beta of 1.31. The firm’s 50-day simple moving average is $32.05 and its 200-day simple moving average is $27.19.

CG Oncology (NASDAQ:CGON) last announced its earnings results on Friday, August 8th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.05). CG Oncology had a negative net margin of 15,945.17% and a negative return on equity of 19.37%. As a group, analysts expect that CG Oncology, Inc. will post -1.31 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Hong Fang Song sold 100,000 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $27.80, for a total value of $2,780,000.00. Following the transaction, the director owned 2,903,931 shares of the company’s stock, valued at $80,729,281.80. This represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brian Guan-Chyun Liu acquired 1,515,151 shares of the business’s stock in a transaction dated Thursday, September 11th. The stock was purchased at an average price of $33.00 per share, with a total value of $49,999,983.00. Following the completion of the acquisition, the director directly owned 1,515,151 shares in the company, valued at approximately $49,999,983. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have sold 176,359 shares of company stock valued at $5,567,784 over the last quarter. Insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CGON. Winthrop Capital Management LLC purchased a new position in shares of CG Oncology during the second quarter worth approximately $38,000. CWM LLC grew its holdings in shares of CG Oncology by 3,957.7% during the 1st quarter. CWM LLC now owns 2,110 shares of the company’s stock valued at $52,000 after purchasing an additional 2,058 shares during the last quarter. GAMMA Investing LLC boosted its position in CG Oncology by 1,051.0% during the first quarter. GAMMA Investing LLC now owns 2,302 shares of the company’s stock valued at $56,000 after buying an additional 2,102 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in CG Oncology by 15.6% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,945 shares of the company’s stock valued at $77,000 after buying an additional 398 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in CG Oncology by 15.2% during the second quarter. PNC Financial Services Group Inc. now owns 3,279 shares of the company’s stock valued at $85,000 after buying an additional 433 shares during the period. 26.56% of the stock is owned by hedge funds and other institutional investors.

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.