Bank of America Corp DE Acquires 38,626 Shares of CG Oncology, Inc. (NASDAQ:CGON)

Bank of America Corp DE grew its stake in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 22.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,518 shares of the company's stock after acquiring an additional 38,626 shares during the period. Bank of America Corp DE owned 0.28% of CG Oncology worth $6,009,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CGON. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of CG Oncology in the 4th quarter valued at about $68,000. KLP Kapitalforvaltning AS bought a new position in CG Oncology during the fourth quarter worth about $100,000. Federated Hermes Inc. bought a new position in CG Oncology during the fourth quarter worth about $172,000. Meeder Asset Management Inc. bought a new position in CG Oncology during the fourth quarter worth about $189,000. Finally, NEOS Investment Management LLC grew its holdings in CG Oncology by 10.9% during the fourth quarter. NEOS Investment Management LLC now owns 8,329 shares of the company's stock worth $239,000 after purchasing an additional 817 shares during the period. Institutional investors own 26.56% of the company's stock.

Insider Activity

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the business's stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $30.76, for a total transaction of $30,760.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 7.40% of the stock is owned by company insiders.

Analyst Ratings Changes

CGON has been the subject of a number of research analyst reports. Royal Bank of Canada lifted their price target on CG Oncology from $66.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. assumed coverage on CG Oncology in a report on Friday, May 2nd. They set an "overweight" rating and a $41.00 price target for the company. Morgan Stanley cut their price objective on shares of CG Oncology from $55.00 to $52.00 and set an "overweight" rating for the company in a research report on Monday, May 19th. Scotiabank assumed coverage on shares of CG Oncology in a research report on Wednesday, April 16th. They set a "sector perform" rating and a $23.00 price objective for the company. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $75.00 price objective on shares of CG Oncology in a research report on Monday, April 28th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $58.22.

CG Oncology Stock Performance

Shares of NASDAQ CGON traded up $0.95 during midday trading on Thursday, reaching $26.23. The company's stock had a trading volume of 634,925 shares, compared to its average volume of 827,465. CG Oncology, Inc. has a fifty-two week low of $14.80 and a fifty-two week high of $40.47. The business's 50 day moving average price is $23.13 and its two-hundred day moving average price is $27.53. The company has a market cap of $2.00 billion, a P/E ratio of -17.37 and a beta of 1.08.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.45) earnings per share for the quarter, missing analysts' consensus estimates of ($0.36) by ($0.09). CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. The business had revenue of $0.05 million during the quarter, compared to analyst estimates of $0.53 million. Sell-side analysts forecast that CG Oncology, Inc. will post -1.31 earnings per share for the current fiscal year.

CG Oncology Company 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.