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

CG Oncology, Inc. (NASDAQ:CGON) shares reached a new 52-week low during trading on Tuesday . The company traded as low as $25.77 and last traded at $26.27, with a volume of 30216 shares trading hands. The stock had previously closed at $26.78.

Analysts Set New Price Targets

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

CG Oncology Stock Performance

The firm’s 50 day simple moving average is $29.15 and its 200 day simple moving average is $33.38.

Insider Activity at CG Oncology

In related news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $34.54, for a total transaction of $34,540.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Hong Fang Song sold 700,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now directly owns 3,003,931 shares in the company, valued at $84,110,068. The trade was a 18.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 702,000 shares of company stock worth $19,664,200 over the last three months.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. GF Fund Management CO. LTD. acquired a new stake in shares of CG Oncology during the 4th quarter valued at about $41,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in CG Oncology by 496.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 125,902 shares of the company’s stock worth $3,611,000 after purchasing an additional 104,780 shares in the last quarter. Woodline Partners LP increased its position in shares of CG Oncology by 3.8% in the fourth quarter. Woodline Partners LP now owns 628,885 shares of the company’s stock valued at $18,036,000 after buying an additional 22,987 shares in the last quarter. Zimmer Partners LP acquired a new position in shares of CG Oncology during the 4th quarter worth approximately $287,000. Finally, Squarepoint Ops LLC purchased a new position in shares of CG Oncology during the 4th quarter valued at approximately $313,000. 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.