Ally Bridge Group NY LLC Trims Position in CG Oncology, Inc. (NASDAQ:CGON)

Ally Bridge Group NY LLC lowered its stake in shares of CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 33.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 174,048 shares of the company's stock after selling 89,218 shares during the period. CG Oncology accounts for 4.2% of Ally Bridge Group NY LLC's holdings, making the stock its 6th biggest position. Ally Bridge Group NY LLC owned about 0.23% of CG Oncology worth $4,992,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity

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

CG Oncology Stock Performance

CG Oncology stock traded down $0.87 during mid-day trading on Monday, reaching $28.18. The stock had a trading volume of 967,141 shares, compared to its average volume of 782,482. CG Oncology, Inc. has a fifty-two week low of $14.80 and a fifty-two week high of $40.47. The stock's 50-day simple moving average is $23.74 and its 200-day simple moving average is $28.85. The firm has a market capitalization of $2.15 billion, a PE ratio of -19.85 and a beta of 1.08.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its quarterly earnings data on Tuesday, March 25th. The company reported ($0.48) earnings per share for the quarter, missing analysts' consensus estimates of ($0.37) by ($0.11). CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. The business had revenue of $0.46 million during the quarter, compared to the consensus estimate of $0.11 million. On average, research analysts forecast that CG Oncology, Inc. will post -1.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. TD Cowen initiated coverage on shares of CG Oncology in a report on Tuesday, January 7th. They set a "buy" rating on the stock. Scotiabank initiated coverage on shares of CG Oncology in a report on Wednesday, April 16th. They set a "sector perform" rating and a $23.00 price target for the company. HC Wainwright restated a "buy" rating and set a $75.00 price objective on shares of CG Oncology in a research report on Monday, April 28th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $75.00 price target on shares of CG Oncology in a research note on Monday, April 28th. Finally, JPMorgan Chase & Co. assumed coverage on CG Oncology in a report on Friday. They set an "overweight" rating and a $41.00 price target for the company. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $57.70.

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.