Bank of America Corp DE Acquires Shares of 984,918 CG Oncology, Inc. $CGON

Key Points

• Bank of America acquired 984,918 CG Oncology shares worth approximately $70 million, giving it a 1.11% stake. Several other institutional investors also initiated positions, bringing total institutional ownership to 26.56%.
• Analyst sentiment is generally positive: nine analysts rate the stock Buy, one rates it Hold and one rates it Sell, with a consensus “Moderate Buy” rating and an average price target of $87.78.
• CG Oncology reported a quarterly loss of $0.90 per share, missing estimates of $0.66, though revenue of $1.16 million exceeded expectations. The clinical-stage biotech is developing CG0070, an investigational bladder-cancer therapy.

Bank of America Corp DE bought a new position in shares of CG Oncology, Inc. (NASDAQ:CGON - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 984,918 shares of the company's stock, valued at approximately $69,978,000. Bank of America Corp DE owned about 1.11% of CG Oncology as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CGON. Man Group plc acquired a new stake in shares of CG Oncology during the second quarter worth $3,684,000. Jupiter Topco LLC acquired a new stake in shares of CG Oncology during the 2nd quarter worth approximately $1,634,000. ADAR1 Capital Management LLC acquired a new stake in shares of CG Oncology during the 2nd quarter worth approximately $8,431,000. Hsbc Holdings PLC bought a new stake in shares of CG Oncology in the 2nd quarter worth approximately $12,488,000. Finally, Legal & General Group Plc bought a new stake in shares of CG Oncology in the 2nd quarter worth approximately $2,846,000. Institutional investors and hedge funds own 26.56% of the company's stock.

Insider Buying and Selling

In other CG Oncology news, Director James Mulay sold 24,165 shares of CG Oncology stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $75.16, for a total value of $1,816,241.40. Following the transaction, the director owned 24,165 shares in the company, valued at approximately $1,816,241.40. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Brian Liu purchased 371,085 shares of the company's stock in a transaction on Thursday, June 25th. The stock was bought at an average cost of $66.87 per share, for a total transaction of $24,814,453.95. Following the acquisition, the director directly owned 1,886,236 shares of the company's stock, valued at $126,132,601.32. This represents a 24.49% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 36,165 shares of company stock worth $2,638,761 in the last ninety days. 4.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on CGON shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of CG Oncology in a research report on Friday, July 17th. HC Wainwright restated a "buy" rating and set a $100.00 price target on shares of CG Oncology in a research report on Wednesday, July 29th. Piper Sandler upped their target price on shares of CG Oncology from $82.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Truist Financial raised their price target on shares of CG Oncology from $82.00 to $85.00 and gave the company a "buy" rating in a research note on Friday, August 7th. Finally, Wall Street Zen cut CG Oncology from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Nine equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, CG Oncology has an average rating of "Moderate Buy" and an average price target of $87.78.

CG Oncology Price Performance

CGON opened at $74.62 on Friday. The business has a 50 day moving average price of $74.06 and a two-hundred day moving average price of $68.45. The company has a market capitalization of $6.61 billion, a price-to-earnings ratio of -27.74 and a beta of 0.24. CG Oncology, Inc. has a 1-year low of $35.64 and a 1-year high of $80.97.

CG Oncology (NASDAQ:CGON - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of ($0.66) by ($0.24). CG Oncology had a negative return on equity of 25.20% and a negative net margin of 3,602.68%.The firm had revenue of $1.16 million during the quarter, compared to the consensus estimate of $0.36 million. Equities analysts expect that CG Oncology, Inc. will post -3.31 EPS for the current fiscal year.

About CG Oncology

CG Oncology, Inc NASDAQ: CGON is a clinical-stage biotechnology company focused on developing therapies for bladder cancer. The company's research is centered on treatments designed to stimulate the immune system and target tumors directly, with an emphasis on non-muscle-invasive bladder cancer (NMIBC).

Its lead investigational product, cretostimogene grenadenorep, also known as CG0070, is an intravesical oncolytic adenovirus intended for administration directly into the bladder. The therapy is designed to selectively replicate in cancer cells, promote tumor-cell destruction and stimulate an immune response through the production of granulocyte-macrophage colony-stimulating factor (GM-CSF).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.