CG Oncology, Inc. $CGON Shares Sold by Elmind Capital LP

Key Points

• Elmind Capital LP cut its CG Oncology stake by 40.8% in the first quarter, selling 200,700 shares and retaining 291,800 shares worth approximately $19.75 million. Institutional investors collectively own 26.56% of the company.
• Insider activity was mixed: Director Leonard E. Post sold 5,000 shares for $350,000, while Director Brian Guan-Chyun Liu purchased 371,085 shares for approximately $24.8 million, increasing his position by 24.49%.
• Analysts remain generally positive, with 11 Buy ratings and an average “Moderate Buy” rating; the consensus price target is $81.73. CGON recently traded at $73.52, near its 12-month high of $77.00, despite reporting a quarterly EPS loss larger than expected.

Elmind Capital LP reduced its holdings in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 40.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 291,800 shares of the company's stock after selling 200,700 shares during the quarter. CG Oncology accounts for about 5.6% of Elmind Capital LP's investment portfolio, making the stock its 6th largest holding. Elmind Capital LP owned about 0.33% of CG Oncology worth $19,749,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. bought a new position in shares of CG Oncology during the 4th quarter valued at about $27,000. NFSG Corp bought a new stake in CG Oncology during the 1st quarter worth approximately $34,000. Comerica Bank raised its holdings in CG Oncology by 100.4% during the 4th quarter. Comerica Bank now owns 1,028 shares of the company's stock worth $43,000 after buying an additional 515 shares during the period. Fifth Third Bancorp acquired a new stake in CG Oncology during the 1st quarter worth approximately $74,000. Finally, KBC Group NV bought a new position in CG Oncology in the first quarter valued at approximately $78,000. Institutional investors and hedge funds own 26.56% of the company's stock.

Insider Activity

In related news, Director Leonard E. Post sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. Following the transaction, the director directly owned 5,000 shares of the company's stock, valued at approximately $350,000. The trade was a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Brian Guan-Chyun Liu purchased 371,085 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The stock was acquired at an average price of $66.87 per share, for a total transaction of $24,814,453.95. Following the purchase, the director owned 1,886,236 shares in the company, valued at $126,132,601.32. This trade represents a 24.49% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have sold 37,129 shares of company stock valued at $2,663,817. 4.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CGON has been the subject of several research analyst reports. Wolfe Research started coverage on shares of CG Oncology in a report on Tuesday, May 19th. They issued a "peer perform" rating for the company. Truist Financial reaffirmed a "buy" rating and issued a $82.00 price objective (up from $77.00) on shares of CG Oncology in a research report on Thursday, May 14th. HC Wainwright reiterated a "buy" rating and set a $100.00 target price on shares of CG Oncology in a report on Monday, May 18th. Wedbush increased their target price on CG Oncology from $77.00 to $80.00 and gave the stock an "outperform" rating in a report on Monday, May 11th. Finally, JPMorgan Chase & Co. lifted their price target 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 analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, CG Oncology presently has an average rating of "Moderate Buy" and an average price target of $81.73.

CG Oncology Stock Up 6.1%

NASDAQ:CGON opened at $73.52 on Tuesday. CG Oncology, Inc. has a twelve month low of $23.65 and a twelve month high of $77.00. The firm has a market capitalization of $6.48 billion, a price-to-earnings ratio of -31.55 and a beta of 0.22. The stock's 50 day moving average price is $65.48 and its two-hundred day moving average price is $62.71.

CG Oncology (NASDAQ:CGON - Get Free Report) last released its quarterly earnings data on Friday, May 8th. The company reported ($0.71) EPS for the quarter, missing the consensus estimate 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, analysts anticipate that CG Oncology, Inc. will post -2.89 earnings per share for the current year.

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.

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.