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

CG Oncology, Inc. (NASDAQ:CGON)’s stock price reached a new 52-week low during trading on Tuesday . The stock traded as low as $23.91 and last traded at $24.14, with a volume of 193053 shares traded. The stock had previously closed at $25.10.

Wall Street Analyst Weigh In

CGON has been the topic of a number of recent research reports. Royal Bank of Canada restated an “outperform” rating and set a $66.00 target price on shares of CG Oncology in a research note on Friday, December 6th. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price objective on shares of CG Oncology in a research note on Friday, January 10th. Finally, TD Cowen assumed coverage on shares of CG Oncology in a report on Tuesday, January 7th. They set a “buy” rating for the company. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $65.14.

CG Oncology Stock Performance

The company has a 50-day moving average of $28.82 and a 200-day moving average of $33.08.

Insiders Place Their Bets

In related news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $34.54, for a total transaction of $34,540.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Hong Fang Song sold 700,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $28.00, for a total value of $19,600,000.00. Following the completion of the transaction, the director now owns 3,003,931 shares of the company’s stock, valued at $84,110,068. This trade represents a 18.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 702,000 shares of company stock worth $19,664,200.

Hedge Funds Weigh In On CG Oncology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CGON. GF Fund Management CO. LTD. bought a new position in CG Oncology in the 4th quarter worth approximately $41,000. Amalgamated Bank lifted its position in CG Oncology by 107.6% during the 3rd quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock worth $61,000 after buying an additional 840 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of CG Oncology during the fourth quarter valued at $68,000. KLP Kapitalforvaltning AS bought a new position in shares of CG Oncology in the 4th quarter valued at about $100,000. Finally, Federated Hermes Inc. bought a new position in CG Oncology in the fourth quarter valued at approximately $172,000. Institutional investors own 26.56% of the company’s stock.

About CG Oncology

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.