Avidity Partners Management LP Lowers Holdings in CG Oncology, Inc. $CGON

Key Points

• Avidity Partners Management LP cut its CG Oncology stake by 8% in the fourth quarter, selling 128,200 shares and ending with 1.47 million shares valued at about $61.1 million. CG Oncology remains its second-largest holding.
• Several other institutional investors adjusted positions in CGON, and overall institutional ownership stands at 26.56% of the stock.
• Wall Street remains cautiously positive: CG Oncology has a Moderate Buy consensus rating with an average price target of $81.73, though the company recently reported a wider-than-expected quarterly loss.

Avidity Partners Management LP reduced its stake in shares of CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 8.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,472,699 shares of the company's stock after selling 128,200 shares during the quarter. CG Oncology accounts for 17.6% of Avidity Partners Management LP's holdings, making the stock its 2nd biggest holding. Avidity Partners Management LP owned approximately 1.83% of CG Oncology worth $61,146,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of CGON. AQR Capital Management LLC acquired a new stake in shares of CG Oncology during the 1st quarter worth $475,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of CG Oncology by 18.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,522 shares of the company's stock worth $876,000 after purchasing an additional 5,442 shares in the last quarter. Millennium Management LLC grew its holdings in shares of CG Oncology by 139.4% during the 1st quarter. Millennium Management LLC now owns 596,056 shares of the company's stock worth $14,597,000 after purchasing an additional 347,055 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of CG Oncology by 42.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 179,363 shares of the company's stock worth $4,393,000 after purchasing an additional 53,461 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in CG Oncology by 12.3% in the second quarter. Legal & General Group Plc now owns 44,354 shares of the company's stock valued at $1,153,000 after buying an additional 4,847 shares in the last quarter. 26.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CGON has been the topic of several research analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $100.00 price objective on shares of CG Oncology in a research note on Monday, May 18th. Wolfe Research initiated coverage on CG Oncology in a research note on Tuesday, May 19th. They issued a "peer perform" rating on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of CG Oncology in a research note on Monday, April 20th. Royal Bank Of Canada raised their price objective on CG Oncology from $79.00 to $81.00 and gave the company an "outperform" rating in a research note on Monday, May 11th. Finally, JPMorgan Chase & Co. raised their price objective on CG Oncology from $91.00 to $96.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. Eleven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, CG Oncology presently has a consensus rating of "Moderate Buy" and an average price target of $81.73.

CG Oncology Price Performance

Shares of CGON opened at $59.56 on Friday. CG Oncology, Inc. has a 1 year low of $23.65 and a 1 year high of $75.50. The company has a market capitalization of $5.25 billion, a price-to-earnings ratio of -25.56 and a beta of 0.31. The business has a 50-day moving average of $65.05 and a 200-day moving average of $56.54.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.58) by ($0.13). The firm had revenue of $1.08 million during the quarter, compared to the consensus estimate of $0.45 million. As a group, sell-side analysts anticipate that CG Oncology, Inc. will post -2.89 EPS for the current year.

Insider Buying and Selling

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $54.50, for a total value of $54,500.00. Following the completion of the sale, the director directly owned 1,000 shares in the company, valued at approximately $54,500. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Mulay sold 15,600 shares of CG Oncology stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $73.01, for a total value of $1,138,956.00. Following the completion of the sale, the director owned 15,600 shares of the company's stock, valued at approximately $1,138,956. The trade was a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 18,564 shares of company stock valued at $1,318,170. 4.80% of the stock is currently owned by corporate insiders.

CG Oncology Company Profile

CG Oncology, Inc NASDAQ: CGON is a clinical-stage biopharmaceutical company focused on the discovery and development of novel antibody-based immunotherapies for the treatment of solid tumor cancers. The company leverages a platform-driven approach to identify and optimize antibody candidates that engage key immune checkpoints and co-stimulatory pathways within the tumor microenvironment. Its pipeline encompasses multiple preclinical programs alongside early-phase clinical trials designed to assess safety, dosing and preliminary anti-tumor activity.

Headquartered in South San Francisco, California, CG Oncology conducts clinical research primarily in the United States, collaborating with leading academic medical centers and contract research organizations to advance its lead candidates.

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