Avidity Partners Management LP Has $31.49 Million Stock Position in CG Oncology, Inc. (NASDAQ:CGON)

Avidity Partners Management LP decreased its position in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 33.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,097,800 shares of the company's stock after selling 558,200 shares during the quarter. CG Oncology accounts for approximately 3.1% of Avidity Partners Management LP's holdings, making the stock its 8th biggest holding. Avidity Partners Management LP owned approximately 1.44% of CG Oncology worth $31,485,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in CG Oncology by 59.1% during the third quarter. JPMorgan Chase & Co. now owns 31,071 shares of the company's stock worth $1,172,000 after buying an additional 11,542 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in CG Oncology during the 4th quarter worth approximately $411,000. Vanguard Group Inc. increased its holdings in CG Oncology by 15.3% during the 4th quarter. Vanguard Group Inc. now owns 5,861,082 shares of the company's stock valued at $168,096,000 after purchasing an additional 779,730 shares in the last quarter. Barclays PLC raised its position in CG Oncology by 331.1% in the 3rd quarter. Barclays PLC now owns 90,520 shares of the company's stock valued at $3,416,000 after purchasing an additional 69,523 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in CG Oncology by 8.9% in the third quarter. Franklin Resources Inc. now owns 1,230,193 shares of the company's stock worth $46,157,000 after purchasing an additional 100,106 shares in the last quarter. Institutional investors and hedge funds own 26.56% of the company's stock.

Analyst Upgrades and Downgrades

CGON has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed an "overweight" rating and issued a $55.00 price target on shares of CG Oncology in a report on Friday, March 7th. Scotiabank initiated coverage on shares of CG Oncology in a research report on Wednesday, April 16th. They set a "sector perform" rating and a $23.00 target price on the stock. Royal Bank of Canada raised their price target on shares of CG Oncology from $66.00 to $68.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. started coverage on CG Oncology in a report on Friday. They set an "overweight" rating and a $41.00 price objective on the stock. Finally, TD Cowen started coverage on CG Oncology in a research note on Tuesday, January 7th. They issued a "buy" rating for the company. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $57.70.

Insiders Place Their Bets

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

CG Oncology Trading Up 4.7 %

NASDAQ CGON opened at $29.05 on Friday. CG Oncology, Inc. has a 12 month low of $14.80 and a 12 month high of $40.47. The stock has a 50-day simple moving average of $23.68 and a 200 day simple moving average of $28.96. The company has a market capitalization of $2.21 billion, a PE ratio of -20.46 and a beta of 1.24.

CG Oncology (NASDAQ:CGON - Get Free Report) last announced 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). The company had revenue of $0.46 million during the quarter, compared to the consensus estimate of $0.11 million. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. As a group, sell-side analysts predict that CG Oncology, Inc. will post -1.31 earnings per share for the current fiscal year.

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.

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