Insider Selling: CG Oncology, Inc. (NASDAQ:CGON) Director Sells 700,000 Shares of Stock

CG Oncology, Inc. (NASDAQ:CGON) Director Hong Fang Song sold 700,000 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $28.00, for a total transaction of $19,600,000.00. Following the completion of the sale, the director now directly owns 3,003,931 shares of the company’s stock, valued at $84,110,068. The trade was a 18.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

CG Oncology Stock Performance

Shares of NASDAQ CGON opened at $28.45 on Thursday. The stock’s fifty day simple moving average is $34.99 and its 200 day simple moving average is $34.86. CG Oncology, Inc. has a 52-week low of $25.77 and a 52-week high of $50.23.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.06. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. The firm had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $0.30 million. Analysts predict that CG Oncology, Inc. will post -1.32 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CGON shares. Bank of America reaffirmed a “buy” rating and issued a $65.00 price target on shares of CG Oncology in a research note on Tuesday, October 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $66.00 price target on shares of CG Oncology in a research note on Friday, December 6th. HC Wainwright reissued a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a research note on Friday, December 6th. Roth Mkm started coverage on CG Oncology in a research note on Tuesday, August 27th. They set a “buy” rating and a $65.00 target price for the company. Finally, Roth Capital upgraded shares of CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $63.88.

Institutional Investors Weigh In On CG Oncology

A number of large investors have recently made changes to their positions in CGON. Yu Fan acquired a new position in CG Oncology in the 2nd quarter worth approximately $49,828,000. State Street Corp boosted its position in shares of CG Oncology by 73.0% in the third quarter. State Street Corp now owns 1,700,653 shares of the company’s stock worth $64,166,000 after buying an additional 717,722 shares during the period. Point72 Asset Management L.P. grew its holdings in shares of CG Oncology by 575.7% during the third quarter. Point72 Asset Management L.P. now owns 746,063 shares of the company’s stock valued at $28,149,000 after buying an additional 635,653 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of CG Oncology by 96.2% during the third quarter. Geode Capital Management LLC now owns 1,078,527 shares of the company’s stock valued at $40,701,000 after buying an additional 528,749 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C raised its position in CG Oncology by 811.9% during 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 buying an additional 386,000 shares during the period. Institutional investors and hedge funds own 26.56% of the company’s stock.

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.