Acorn Capital Advisors LLC Takes $32.45 Million Position in CG Oncology, Inc. (NASDAQ:CGON)

Acorn Capital Advisors LLC acquired a new stake in CG Oncology, Inc. (NASDAQ:CGON - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,131,501 shares of the company's stock, valued at approximately $32,451,000. CG Oncology comprises about 17.8% of Acorn Capital Advisors LLC's portfolio, making the stock its largest position. Acorn Capital Advisors LLC owned approximately 1.49% of CG Oncology at the end of the most recent quarter.

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

Insider Buying and Selling

In other news, Director Leonard E. Post sold 1,000 shares of the business's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $30.76, for a total transaction of $30,760.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

CG Oncology Price Performance

CGON stock traded up $0.98 during trading on Wednesday, reaching $22.68. 1,578,870 shares of the stock traded hands, compared to its average volume of 797,276. The firm has a market capitalization of $1.73 billion, a PE ratio of -15.97 and a beta of 1.08. The business's 50 day moving average price is $23.68 and its 200-day moving average price is $28.80. CG Oncology, Inc. has a 52-week low of $14.80 and a 52-week high of $40.47.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued its earnings results on Tuesday, March 25th. The company reported ($0.48) earnings per share (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 firm had revenue of $0.46 million for the quarter, compared to analysts' expectations of $0.11 million. On average, equities research analysts predict that CG Oncology, Inc. will post -1.31 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have commented on CGON. HC Wainwright restated a "buy" rating and set a $75.00 target price on shares of CG Oncology in a research report on Monday, April 28th. Cantor Fitzgerald restated an "overweight" rating and set a $75.00 target price on shares of CG Oncology in a report on Monday, April 28th. JPMorgan Chase & Co. assumed coverage on shares of CG Oncology in a report on Friday, May 2nd. They issued an "overweight" rating and a $41.00 price target on the stock. Royal Bank of Canada upped their target price on CG Oncology from $66.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Finally, Scotiabank assumed coverage on CG Oncology in a research report on Wednesday, April 16th. They set a "sector perform" rating and a $23.00 price objective for the company. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, CG Oncology presently has a consensus rating of "Buy" and an average target price of $57.70.

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.