Bank of New York Mellon Corp Invests $16.58 Million in CG Oncology, Inc. $CGON

Key Points

• Bank of New York Mellon acquired 233,419 CG Oncology shares worth approximately $16.58 million, representing about 0.26% of the company. Institutional investors collectively own 26.56% of CG Oncology.
• Insider activity was mixed: Director Brian Guan-Chyun Liu bought 371,085 shares for roughly $24.8 million, while Director Leonard E. Post sold 1,000 shares for $74,540. Insiders own 4.80% of the company.
• CG Oncology shares opened at $75.16, near their 52-week high of $80.97. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $83.18, despite the company’s quarterly EPS loss exceeding expectations.

Bank of New York Mellon Corp acquired a new stake in CG Oncology, Inc. (NASDAQ:CGON - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 233,419 shares of the company's stock, valued at approximately $16,584,000. Bank of New York Mellon Corp owned approximately 0.26% of CG Oncology as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. NFSG Corp purchased a new stake in CG Oncology during the first quarter valued at about $34,000. Comerica Bank grew its stake in shares of CG Oncology by 100.4% during the fourth quarter. Comerica Bank now owns 1,028 shares of the company's stock valued at $43,000 after buying an additional 515 shares during the last quarter. Fifth Third Bancorp purchased a new position in shares of CG Oncology in the first quarter worth about $74,000. KBC Group NV purchased a new position in shares of CG Oncology in the first quarter worth about $78,000. Finally, ABS Direct Equity Fund LLC bought a new stake in shares of CG Oncology in the 1st quarter valued at about $176,000. Institutional investors own 26.56% of the company's stock.

Insider Transactions at CG Oncology

In related news, Director Leonard E. Post sold 1,000 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $74.54, for a total transaction of $74,540.00. Following the transaction, the director owned 1,000 shares in the company, valued at $74,540. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian Guan-Chyun Liu purchased 371,085 shares of the firm's stock in a transaction that occurred on Thursday, June 25th. The stock was bought at an average cost of $66.87 per share, with a total value of $24,814,453.95. Following the completion of the purchase, the director owned 1,886,236 shares of the company's stock, valued at $126,132,601.32. This represents a 24.49% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders sold 38,129 shares of company stock valued at $2,738,357. Company insiders own 4.80% of the company's stock.

CG Oncology Price Performance

Shares of NASDAQ:CGON opened at $75.16 on Tuesday. The stock's 50-day moving average is $73.22 and its 200 day moving average is $66.72. The company has a market cap of $6.66 billion, a PE ratio of -27.94 and a beta of 0.23. CG Oncology, Inc. has a 1 year low of $26.22 and a 1 year high of $80.97.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.66) by ($0.24). The business had revenue of $1.16 million during the quarter, compared to analysts' expectations of $0.36 million. CG Oncology had a negative return on equity of 25.20% and a negative net margin of 3,602.68%. Analysts expect that CG Oncology, Inc. will post -3.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Weiss Ratings restated a "sell (d-)" rating on shares of CG Oncology in a report on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating and issued a $100.00 price target on shares of CG Oncology in a research note on Wednesday, July 29th. Wedbush boosted their price objective on CG Oncology from $77.00 to $80.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Wolfe Research started coverage on CG Oncology in a research note on Tuesday, May 19th. They set a "peer perform" rating for the company. Finally, Truist Financial raised their target price on shares of CG Oncology from $82.00 to $85.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Eleven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $83.18.

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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