CG Oncology (NASDAQ:CGON) Shares Gap Up to $39.00

CG Oncology, Inc. (NASDAQ:CGON)’s share price gapped up before the market opened on Monday . The stock had previously closed at $39.00, but opened at $40.00. CG Oncology shares last traded at $39.32, with a volume of 21,968 shares traded.

Wall Street Analysts Forecast Growth

CGON has been the subject of several analyst reports. Royal Bank of Canada started coverage on CG Oncology in a research note on Monday. They set an “outperform” rating and a $66.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a research note on Tuesday, September 17th. Bank of America began coverage on shares of CG Oncology in a research note on Friday, June 28th. They set a “buy” rating and a $65.00 target price on the stock. Roth Capital upgraded shares of CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Roth Mkm initiated coverage on shares of CG Oncology in a report on Tuesday, August 27th. They set a “buy” rating and a $65.00 price target for the company. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $64.43.

CG Oncology Trading Down 0.9 %

The business’s fifty day simple moving average is $35.29 and its two-hundred day simple moving average is $35.27.

CG Oncology (NASDAQ:CGON) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.14. The company had revenue of $0.11 million during the quarter. Sell-side analysts expect that CG Oncology, Inc. will post -1.47 EPS for the current year.

Insider Activity at CG Oncology

In related news, Director Hong Fang Song sold 650,455 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $35.36, for a total transaction of $23,000,088.80. Following the completion of the sale, the director now owns 586,982 shares in the company, valued at approximately $20,755,683.52. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Institutional Trading of CG Oncology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Deerfield Management Company L.P. Series C increased its holdings in shares of CG Oncology by 811.9% in the second quarter. Deerfield Management Company L.P. Series C now owns 433,540 shares of the company’s stock valued at $13,687,000 after purchasing an additional 386,000 shares during the period. Marshall Wace LLP purchased a new position in CG Oncology during the 2nd quarter worth $2,399,000. Yu Fan acquired a new stake in shares of CG Oncology in the 2nd quarter worth $49,828,000. Profund Advisors LLC purchased a new stake in shares of CG Oncology in the second quarter valued at about $300,000. Finally, Ensign Peak Advisors Inc acquired a new position in shares of CG Oncology during the second quarter worth about $1,912,000. 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.