Ally Bridge Group NY LLC Sells 41,750 Shares of CG Oncology, Inc. $CGON

Key Points

• Ally Bridge Group NY LLC has decreased its stake in CG Oncology, Inc. by 24% after selling 41,750 shares, now holding 132,298 shares, which represent 2.9% of its portfolio.
• CG Oncology recently reported a loss of ($0.54) earnings per share, falling short of analyst expectations, and has a consensus rating of "Moderate Buy" with a target price of $54.30.
• The stock's performance has seen a twelve-month low of $14.80 and a high of $40.47, with institutional investors owning approximately 26.56% of the shares.

Ally Bridge Group NY LLC decreased its stake in shares of CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 24.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 132,298 shares of the company's stock after selling 41,750 shares during the period. CG Oncology accounts for about 2.9% of Ally Bridge Group NY LLC's holdings, making the stock its 15th largest position. Ally Bridge Group NY LLC owned about 0.17% of CG Oncology worth $3,240,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Braidwell LP increased its holdings in shares of CG Oncology by 3.5% during the 4th quarter. Braidwell LP now owns 3,283,317 shares of the company's stock valued at $94,166,000 after acquiring an additional 112,442 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of CG Oncology by 11.2% during the 1st quarter. Wellington Management Group LLP now owns 2,125,208 shares of the company's stock valued at $52,046,000 after acquiring an additional 214,738 shares during the last quarter. RTW Investments LP increased its holdings in shares of CG Oncology by 26.6% during the 4th quarter. RTW Investments LP now owns 1,701,216 shares of the company's stock valued at $48,791,000 after acquiring an additional 357,142 shares during the last quarter. Orbimed Advisors LLC increased its holdings in shares of CG Oncology by 107.1% during the 4th quarter. Orbimed Advisors LLC now owns 1,431,114 shares of the company's stock valued at $41,044,000 after acquiring an additional 740,000 shares during the last quarter. Finally, Woodline Partners LP increased its holdings in shares of CG Oncology by 3.8% during the 4th quarter. Woodline Partners LP now owns 628,885 shares of the company's stock valued at $18,036,000 after acquiring an additional 22,987 shares during the last quarter. Institutional investors and hedge funds own 26.56% of the company's stock.

CG Oncology Stock Performance

Shares of NASDAQ:CGON traded up $2.13 during trading on Friday, hitting $33.07. 2,019,071 shares of the stock were exchanged, compared to its average volume of 560,894. CG Oncology, Inc. has a 1-year low of $14.80 and a 1-year high of $40.47. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of -18.68 and a beta of 0.87. The company's fifty day simple moving average is $26.51 and its 200-day simple moving average is $25.31.

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 return on equity of 19.37% and a negative net margin of 15,945.17%. On average, research analysts forecast that CG Oncology, Inc. will post -1.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wall Street Zen lowered CG Oncology from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Royal Bank Of Canada lowered their target price on CG Oncology from $68.00 to $53.00 and set an "outperform" rating on the stock in a report on Wednesday, July 16th. The Goldman Sachs Group raised CG Oncology to a "strong-buy" rating and set a $40.00 target price on the stock in a report on Thursday, July 10th. HC Wainwright reaffirmed a "buy" rating and issued a $75.00 target price on shares of CG Oncology in a report on Friday. Finally, Piper Sandler began coverage on CG Oncology in a report on Monday, August 18th. They issued an "overweight" rating and a $55.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued 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 $54.30.

Insider Activity at CG Oncology

In other news, Director Hong Fang Song sold 100,000 shares of CG Oncology stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $27.80, for a total transaction of $2,780,000.00. Following the sale, the director owned 2,903,931 shares of the company's stock, valued at approximately $80,729,281.80. This trade represents a 3.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leonard E. Post sold 2,000 shares of the firm'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. 7.40% of the stock is currently owned by company insiders.

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.