CG Oncology, Inc. $CGON Shares Sold by Opaleye Management Inc.

Key Points

• Opaleye Management cut its CG Oncology stake by 81.2% in the second quarter, selling 77,011 shares and retaining 17,789 shares worth approximately $1.26 million.
• Other institutional investors were more bullish: BlackRock initiated a position, while California State Teachers’ Retirement System, Wellington Management and T. Rowe Price significantly increased their holdings. Institutional investors collectively own 26.56% of CG Oncology.
• CG Oncology reported a quarterly loss of $0.90 per share, missing the $0.66 consensus estimate, though revenue of $1.16 million exceeded expectations. Analysts maintain a “Moderate Buy” consensus with an average price target of $87.78, above the reported $72 share price.

Opaleye Management Inc. decreased its position in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 81.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,789 shares of the company's stock after selling 77,011 shares during the quarter. Opaleye Management Inc.'s holdings in CG Oncology were worth $1,264,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in CG Oncology in the 2nd quarter valued at about $444,509,000. California State Teachers Retirement System lifted its stake in shares of CG Oncology by 7,889.3% in the second quarter. California State Teachers Retirement System now owns 4,114,434 shares of the company's stock worth $292,331,000 after acquiring an additional 4,062,935 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of CG Oncology by 190.3% in the third quarter. Wellington Management Group LLP now owns 5,512,779 shares of the company's stock worth $222,055,000 after acquiring an additional 3,613,885 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of CG Oncology by 116.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,443,144 shares of the company's stock worth $142,961,000 after acquiring an additional 1,854,386 shares in the last quarter. Finally, Seven Fleet Capital Management LP purchased a new position in CG Oncology in the fourth quarter valued at about $62,909,000. Hedge funds and other institutional investors own 26.56% of the company's stock.

Insider Activity

In related news, Director Brian Liu purchased 371,085 shares of the business's stock in a transaction that occurred on Thursday, June 25th. The shares were acquired at an average price of $66.87 per share, with a total value of $24,814,453.95. Following the acquisition, the director owned 1,886,236 shares in the company, valued at approximately $126,132,601.32. This trade represents a 24.49% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Leonard Post sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $70.00, for a total value of $350,000.00. Following the transaction, the director owned 5,000 shares of the company's stock, valued at $350,000. This represents a 50.00% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 37,129 shares of company stock valued at $2,683,857. 4.80% of the stock is currently owned by insiders.

CG Oncology Price Performance

CG Oncology stock opened at $72.00 on Friday. The company has a market cap of $6.38 billion, a PE ratio of -26.77 and a beta of 0.24. The company has a fifty day moving average price of $73.75 and a two-hundred day moving average price of $67.85. CG Oncology, Inc. has a 12 month low of $32.57 and a 12 month high of $80.97.

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

Analysts Set New Price Targets

CGON has been the topic of several analyst reports. Wolfe Research began coverage on CG Oncology in a report on Tuesday, May 19th. They set a "peer perform" rating on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of CG Oncology in a research note on Friday, July 17th. HC Wainwright reaffirmed a "buy" rating and issued a $100.00 price target on shares of CG Oncology in a report on Wednesday, July 29th. Piper Sandler raised their price objective on shares of CG Oncology from $82.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Finally, Truist Financial boosted their target price on shares of CG Oncology from $82.00 to $85.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $87.78.

CG Oncology Company Profile

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).

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