ADAR1 Capital Management LLC Has $7.38 Million Stock Holdings in CG Oncology, Inc. $CGON

Key Points

• ADAR1 Capital Management LLC increased its stake in CG Oncology by 39.6%, now owning 301,134 shares valued at approximately $7.4 million.
• Several hedge funds have also adjusted their holdings in CG Oncology, with notable increases from firms such as Wellington Management Group LLP and Tema ETFs LLC.
• Research analysts have mixed sentiments on CG Oncology with ratings ranging from a "strong-buy" to a "sell," and a consensus target price of $54.30.

ADAR1 Capital Management LLC increased its stake in shares of CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 39.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 301,134 shares of the company's stock after purchasing an additional 85,384 shares during the quarter. CG Oncology makes up approximately 1.4% of ADAR1 Capital Management LLC's holdings, making the stock its 18th largest holding. ADAR1 Capital Management LLC owned 0.40% of CG Oncology worth $7,375,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. PDT Partners LLC acquired a new position in CG Oncology in the first quarter valued at $1,658,000. Tema Etfs LLC increased its stake in shares of CG Oncology by 243.5% during the 1st quarter. Tema Etfs LLC now owns 28,612 shares of the company's stock valued at $701,000 after acquiring an additional 20,283 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in shares of CG Oncology by 9.6% during the 1st quarter. MetLife Investment Management LLC now owns 31,815 shares of the company's stock worth $779,000 after acquiring an additional 2,789 shares during the period. Wellington Management Group LLP boosted its position in shares of CG Oncology by 11.2% in the first quarter. Wellington Management Group LLP now owns 2,125,208 shares of the company's stock worth $52,046,000 after acquiring an additional 214,738 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in CG Oncology by 8.7% in the first quarter. Northern Trust Corp now owns 471,764 shares of the company's stock valued at $11,554,000 after purchasing an additional 37,904 shares during the period. 26.56% of the stock is owned by institutional investors and hedge funds.

CG Oncology Stock Performance

Shares of CGON stock traded up $2.13 on Friday, hitting $33.07. The stock had a trading volume of 2,019,071 shares, compared to its average volume of 560,894. The stock's 50 day moving average is $26.51 and its 200-day moving average is $25.31. CG Oncology, Inc. has a 52-week low of $14.80 and a 52-week high of $40.47. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of -18.68 and a beta of 0.87.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued its earnings results on Friday, August 8th. The company reported ($0.54) earnings per share for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.05). CG Oncology had a negative return on equity of 19.37% and a negative net margin of 15,945.17%. Equities analysts expect that CG Oncology, Inc. will post -1.31 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Hong Fang Song sold 100,000 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $27.80, for a total value of $2,780,000.00. Following the completion of the transaction, the director directly owned 2,903,931 shares in the company, valued at $80,729,281.80. This trade represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Leonard E. Post sold 2,000 shares of the company's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $28.00, for a total value of $56,000.00. The disclosure for this sale can be found here. Corporate insiders own 7.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CGON. Zacks Research raised shares of CG Oncology from a "strong sell" rating to a "hold" rating in a research note on Monday, September 1st. Piper Sandler started coverage on CG Oncology in a research report on Monday, August 18th. They issued an "overweight" rating and a $55.00 target price on the stock. Wall Street Zen cut CG Oncology from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Royal Bank Of Canada dropped their price target on CG Oncology from $68.00 to $53.00 and set an "outperform" rating for the company in a research note on Wednesday, July 16th. Finally, The Goldman Sachs Group upgraded CG Oncology to a "strong-buy" rating and set a $40.00 price objective on the stock in a report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $54.30.

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.