CG Oncology, Inc. $CGON Position Increased by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. increased its holdings in CG Oncology, Inc. by 3.6%, owning approximately 1,882,577 shares worth about $46.10 million as of its latest SEC filing.
• CG Oncology reported a loss of ($0.54) earnings per share in its most recent earnings results, missing analysts' expectations, and has an overall negative net margin of 15,945.17%.
• Research firms have set varied ratings and price targets for CG Oncology, with estimates ranging from a $40.00 price objective by Goldman Sachs to a drop in target from $68.00 to $53.00 by Royal Bank of Canada.

Alliancebernstein L.P. boosted its stake in shares of CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 3.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,882,577 shares of the company's stock after purchasing an additional 64,690 shares during the quarter. Alliancebernstein L.P. owned approximately 2.47% of CG Oncology worth $46,104,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Invesco Ltd. boosted its position in CG Oncology by 2.5% during the 1st quarter. Invesco Ltd. now owns 27,754 shares of the company's stock valued at $680,000 after purchasing an additional 685 shares during the period. China Universal Asset Management Co. Ltd. boosted its holdings in shares of CG Oncology by 6.5% during the first quarter. China Universal Asset Management Co. Ltd. now owns 15,270 shares of the company's stock valued at $374,000 after acquiring an additional 930 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of CG Oncology by 0.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 258,090 shares of the company's stock valued at $6,321,000 after acquiring an additional 933 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of CG Oncology by 3.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,080 shares of the company's stock valued at $862,000 after acquiring an additional 1,026 shares during the period. Finally, GF Fund Management CO. LTD. acquired a new position in CG Oncology during the 4th quarter valued at about $41,000. Institutional investors and hedge funds own 26.56% of the company's stock.

Insider Activity at CG Oncology

In related news, Director James Mulay sold 27,015 shares of the stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $31.53, for a total transaction of $851,782.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leonard E. Post sold 2,000 shares of the stock in a transaction on Thursday, July 17th. The shares were 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. Insiders sold a total of 129,015 shares of company stock valued at $3,687,783 over the last ninety days. Insiders own 7.40% of the company's stock.

Analyst Ratings Changes

CGON has been the subject of a number of analyst reports. Morgan Stanley boosted their target price on shares of CG Oncology from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. HC Wainwright reiterated a "buy" rating and set a $75.00 price objective on shares of CG Oncology in a research report on Friday, September 5th. Jones Trading assumed coverage on CG Oncology in a research report on Monday. They set a "buy" rating and a $50.00 price objective for the company. Piper Sandler assumed coverage on CG Oncology in a research report on Monday, August 18th. They set an "overweight" rating and a $55.00 price target for the company. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $75.00 price target on shares of CG Oncology in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, CG Oncology has an average rating of "Moderate Buy" and an average price target of $53.91.

CG Oncology Stock Up 3.7%

CGON traded up $1.22 during trading on Friday, reaching $34.38. The stock had a trading volume of 683,440 shares, compared to its average volume of 983,891. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of -19.42 and a beta of 0.87. CG Oncology, Inc. has a 1-year low of $14.80 and a 1-year high of $40.47. The stock has a 50 day moving average of $27.07 and a two-hundred day moving average of $25.49.

CG Oncology (NASDAQ:CGON - Get Free Report) last announced its quarterly earnings data on Friday, August 8th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.49) by ($0.05). CG Oncology had a negative net margin of 15,945.17% and a negative return on equity of 19.37%. On average, research analysts forecast that CG Oncology, Inc. will post -1.31 EPS 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.