CG Oncology (NASDAQ:CGON) Hits New 52-Week High – Here’s Why

CG Oncology, Inc. (NASDAQ:CGON)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $79.52 and last traded at $80.1130, with a volume of 131965 shares trading hands. The stock had previously closed at $76.29.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CGON shares. Wedbush raised their price target on CG Oncology from $77.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Wall Street Zen cut CG Oncology from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 8th. Royal Bank Of Canada dropped their price objective on CG Oncology from $81.00 to $79.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Wolfe Research started coverage on CG Oncology in a research report on Tuesday, May 19th. They set a “peer perform” rating on the stock. Finally, HC Wainwright restated a “buy” rating and set a $100.00 target price on shares of CG Oncology in a research note on Wednesday, July 29th. Eleven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $83.18.

CG Oncology Trading Down 3.8%

The company’s 50 day moving average is $70.91 and its 200 day moving average is $65.44. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of -28.85 and a beta of 0.23.

CG Oncology (NASDAQ:CGON) last announced its quarterly 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 company had revenue of $1.16 million during the quarter, compared to analysts’ expectations of $0.36 million. CG Oncology had a negative net margin of 3,602.68% and a negative return on equity of 25.20%. Analysts anticipate that CG Oncology, Inc. will post -3.27 EPS for the current fiscal year.

Insider Activity at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $74.54, for a total transaction of $74,540.00. Following the transaction, the director owned 1,000 shares of the company’s stock, valued at $74,540. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James Mulay sold 24,165 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $75.16, for a total value of $1,816,241.40. Following the completion of the sale, the director owned 24,165 shares of the company’s stock, valued at approximately $1,816,241.40. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 38,129 shares of company stock valued at $2,738,357 in the last three months. 4.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CG Oncology

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in CG Oncology during the 2nd quarter worth $444,509,000. Wellington Management Group LLP raised its holdings in shares of CG Oncology by 190.3% in the third quarter. Wellington Management Group LLP now owns 5,512,779 shares of the company’s stock valued at $222,055,000 after buying an additional 3,613,885 shares during the last quarter. Seven Fleet Capital Management LP purchased a new stake in shares of CG Oncology in the second quarter valued at about $134,017,068,000. Price T Rowe Associates Inc. MD boosted its stake in shares of CG Oncology by 116.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,443,144 shares of the company’s stock worth $142,961,000 after buying an additional 1,854,386 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of CG Oncology by 409.9% during the second quarter. Bank of America Corp DE now owns 1,736,769 shares of the company’s stock worth $45,156,000 after buying an additional 1,396,170 shares during the period. 26.56% of the stock is owned by institutional investors and hedge funds.

About CG Oncology

CG Oncology, Inc (NASDAQ: CGON) is a clinical-stage biopharmaceutical company focused on the discovery and development of novel antibody-based immunotherapies for the treatment of solid tumor cancers. The company leverages a platform-driven approach to identify and optimize antibody candidates that engage key immune checkpoints and co-stimulatory pathways within the tumor microenvironment. Its pipeline encompasses multiple preclinical programs alongside early-phase clinical trials designed to assess safety, dosing and preliminary anti-tumor activity.

Headquartered in South San Francisco, California, CG Oncology conducts clinical research primarily in the United States, collaborating with leading academic medical centers and contract research organizations to advance its lead candidates.