Bank of New York Mellon Corp Acquires 11,993 Shares of CG Oncology, Inc. (NASDAQ:CGON)

Key Points

• Bank of New York Mellon Corp increased its stake in CG Oncology by 8.8%, now holding approximately 147,560 shares valued at $3.61 million.
• CG Oncology recently reported a loss of $0.45 per share, missing analyst expectations, with revenue for the quarter significantly below consensus estimates at just $0.05 million.
• The stock has received a mixed range of ratings from analysts, with an average target price of $55.30, indicating a generally positive outlook despite recent earnings misses.

Bank of New York Mellon Corp boosted its stake in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 8.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 147,560 shares of the company's stock after buying an additional 11,993 shares during the period. Bank of New York Mellon Corp owned 0.19% of CG Oncology worth $3,614,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. NEOS Investment Management LLC increased its holdings in shares of CG Oncology by 10.9% in the 4th quarter. NEOS Investment Management LLC now owns 8,329 shares of the company's stock worth $239,000 after acquiring an additional 817 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in CG Oncology by 3.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,080 shares of the company's stock worth $862,000 after purchasing an additional 1,026 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of CG Oncology in the fourth quarter valued at approximately $41,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of CG Oncology by 16.4% in the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,834 shares of the company's stock valued at $368,000 after purchasing an additional 1,810 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in shares of CG Oncology by 7.0% during the fourth quarter. MetLife Investment Management LLC now owns 29,026 shares of the company's stock valued at $832,000 after buying an additional 1,894 shares during the last quarter. 26.56% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. initiated coverage on CG Oncology in a report on Friday, May 2nd. They issued an "overweight" rating and a $41.00 price objective for the company. Scotiabank began coverage on CG Oncology in a research note on Wednesday, April 16th. They issued a "sector perform" rating and a $23.00 price target for the company. Wall Street Zen raised CG Oncology from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Morgan Stanley upped their price objective on shares of CG Oncology from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $75.00 target price on shares of CG Oncology in a research report on Monday, April 28th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, CG Oncology has a consensus rating of "Buy" and an average target price of $55.30.

CG Oncology Price Performance

Shares of NASDAQ:CGON traded up $0.87 on Wednesday, reaching $26.91. 1,202,628 shares of the company traded hands, compared to its average volume of 935,918. The stock has a market capitalization of $2.05 billion, a PE ratio of -17.82 and a beta of 0.86. The company's 50 day moving average is $26.26 and its 200-day moving average is $25.83. CG Oncology, Inc. has a fifty-two week low of $14.80 and a fifty-two week high of $40.47.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued 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 return on equity of 16.71% and a negative net margin of 15,945.17%. The company had revenue of $0.05 million during the quarter, compared to analysts' expectations of $0.53 million. As a group, analysts expect that CG Oncology, Inc. will post -1.31 EPS for the current year.

Insiders Place Their Bets

In other news, Director Leonard E. Post sold 2,000 shares of the stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $28.00, for a total value of $56,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 7.40% of the company's stock.

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.