In a recent transaction, Leonard E. Post, a director at CG Oncology, Inc. (NASDAQ:CGON), sold 1,000 shares of the company's common stock. The shares were sold at an average price of $28.84, totaling approximately $28,840. This sale was conducted under a Rule 10b5-1 trading plan, which was adopted by Post on September 6, 2024. The transaction comes as CGON shares have declined about 13% over the past week, with the company currently maintaining a market capitalization of approximately $2 billion.
The Form 4 filing also disclosed that Post exercised stock options to acquire 1,000 shares of common stock at a price of $0.60 per share, amounting to a total value of $600. Following these transactions, Post no longer holds any shares directly from this particular transaction.
CG Oncology, based in Irvine, California, is a life sciences company focused on developing biological products.
In other recent news, CG Oncology has been generating attention due to promising results from its Phase 3 BOND-003 study, which focuses on cretostimogene for treating high-risk non-muscle invasive bladder cancer. The company reported a 74.5% overall complete response rate and a 46% 12-month landmark complete response rate. The study also highlighted the safety and durability of cretostimogene, with 97.3% of patients remaining progression-free at 12 months and 90.0% achieving cystectomy-free survival.
H.C. Wainwright maintained a Buy rating and a $75.00 stock price target for CG Oncology, while UBS initiated coverage with a Buy rating and a $60.00 price target, emphasizing cretostimogene's potential advantages over competitors. Goldman Sachs (NYSE:GS) also reiterated its Buy rating on CG Oncology, maintaining a $52.00 price target, and emphasized the potential of cretostimogene in treating non-muscle invasive bladder cancer.
Roth/MKM issued a Buy rating with a $65.00 price target, citing cretostimogene's potential to capture market share due to its tolerability. The final analysis from CG Oncology's BOND-003 trial is expected by the end of 2024, coinciding with the company's plans for a Biologics License Application submission in 2025. These developments highlight the ongoing interest in CG Oncology's work in the oncology space.
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