CG Oncology, Inc. (NASDAQ:CGON) Shares Sold by Avidity Partners Management LP

Avidity Partners Management LP lessened its stake in CG Oncology, Inc. (NASDAQ:CGON) by 33.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,097,800 shares of the company’s stock after selling 558,200 shares during the quarter. CG Oncology makes up approximately 3.1% of Avidity Partners Management LP’s investment portfolio, making the stock its 8th largest position. Avidity Partners Management LP’s holdings in CG Oncology were worth $31,485,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in CG Oncology in the 4th quarter valued at about $68,000. KLP Kapitalforvaltning AS bought a new stake in CG Oncology in the fourth quarter valued at approximately $100,000. Federated Hermes Inc. acquired a new stake in shares of CG Oncology in the fourth quarter valued at approximately $172,000. Meeder Asset Management Inc. bought a new position in shares of CG Oncology during the 4th quarter worth approximately $189,000. Finally, NEOS Investment Management LLC increased its holdings in shares of CG Oncology by 10.9% during the 4th quarter. NEOS Investment Management LLC now owns 8,329 shares of the company’s stock worth $239,000 after acquiring an additional 817 shares during the last quarter. 26.56% of the stock is owned by institutional investors.

CG Oncology Price Performance

Shares of NASDAQ:CGON opened at $29.05 on Friday. The company has a market capitalization of $2.21 billion, a P/E ratio of -20.46 and a beta of 1.24. The business’s 50 day simple moving average is $23.68 and its 200 day simple moving average is $28.96. CG Oncology, Inc. has a 1 year low of $14.80 and a 1 year high of $40.47.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings results on Tuesday, March 25th. The company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.11). CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. The company had revenue of $0.46 million during the quarter, compared to the consensus estimate of $0.11 million. On average, sell-side analysts anticipate that CG Oncology, Inc. will post -1.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CGON has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed an “overweight” rating and set a $55.00 price objective on shares of CG Oncology in a research report on Friday, March 7th. Royal Bank of Canada upped their price target on shares of CG Oncology from $66.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. TD Cowen began coverage on shares of CG Oncology in a report on Tuesday, January 7th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. started coverage on CG Oncology in a report on Friday. They set an “overweight” rating and a $41.00 price objective for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $75.00 target price on shares of CG Oncology in a research note on Monday, April 28th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $57.70.

Insider Activity

In related news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $30.76, for a total value of $30,760.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

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.