Avidity Partners Management LP Sells 558,200 Shares of CG Oncology, Inc. (NASDAQ:CGON)

Avidity Partners Management LP lessened its position in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 33.7% in the 4th quarter, according to the company in its most recent filing with the SEC. 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 about 3.1% of Avidity Partners Management LP's holdings, making the stock its 8th biggest holding. Avidity Partners Management LP owned 1.44% of CG Oncology worth $31,485,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CGON. NEOS Investment Management LLC boosted its position in CG Oncology by 10.9% in the fourth 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 in the last quarter. Rhumbline Advisers lifted its stake in CG Oncology by 2.2% in the fourth quarter. Rhumbline Advisers now owns 69,016 shares of the company's stock valued at $1,979,000 after acquiring an additional 1,458 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in shares of CG Oncology by 7.0% during the fourth quarter. MetLife Investment Management LLC now owns 29,026 shares of the company's stock worth $832,000 after acquiring an additional 1,894 shares during the period. New York State Common Retirement Fund boosted its stake in shares of CG Oncology by 16.7% in the fourth quarter. New York State Common Retirement Fund now owns 13,996 shares of the company's stock valued at $401,000 after buying an additional 2,000 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in CG Oncology during the fourth quarter worth $68,000. 26.56% of the stock is owned by hedge funds and other institutional investors.

CG Oncology Stock Performance

CGON stock traded down $0.25 on Friday, reaching $23.88. The company had a trading volume of 1,208,917 shares, compared to its average volume of 816,535. The company has a market cap of $1.82 billion, a P/E ratio of -16.82 and a beta of 1.08. CG Oncology, Inc. has a 1 year low of $14.80 and a 1 year high of $40.47. The company's fifty day moving average is $23.59 and its 200 day moving average is $28.66.

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

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the firm'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 transaction of $30,760.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

CG Oncology 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.