CG Oncology, Inc. $CGON Stock Acquired by Alps Advisors Inc.

Key Points

• Alps Advisors increased its CG Oncology stake by 31.7% in the third quarter, adding 28,238 shares to hold 117,456 shares worth about $8.3 million.
• CG Oncology reported a quarterly loss of $0.64 per share, narrower than analysts’ $0.83 estimate, while revenue of $1.6 million also topped expectations of about $0.55 million.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $87.50; the stock was reported up 17.3%.

Alps Advisors Inc. boosted its stake in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 31.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 117,456 shares of the company's stock after purchasing an additional 28,238 shares during the quarter. Alps Advisors Inc. owned about 0.13% of CG Oncology worth $8,326,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CGON. WINTON GROUP Ltd acquired a new stake in shares of CG Oncology during the 2nd quarter worth approximately $718,000. Legal & General Group Plc bought a new stake in shares of CG Oncology in the 2nd quarter valued at $2,846,000. Jefferies Financial Group Inc. bought a new stake in shares of CG Oncology in the 2nd quarter valued at $54,705,000. Jupiter Topco LLC acquired a new position in shares of CG Oncology during the 2nd quarter valued at $1,634,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of CG Oncology during the 2nd quarter valued at $16,584,000. Institutional investors and hedge funds own 26.56% of the company's stock.

Trending Headlines about CG Oncology

Here are the key news stories impacting CG Oncology this week:

• Positive Sentiment: CG Oncology reported a third-quarter loss of $0.64 per share, narrower than analysts’ estimates of about $0.83–$0.86 per share. Zacks earnings report
• Positive Sentiment: Revenue was $1.6 million, above the approximately $0.55 million analysts expected, further supporting the favorable market reaction. CG Oncology Gains on Q3 Results
• Neutral Sentiment: The quarterly loss widened from $0.57 per share a year earlier to $0.64, despite beating current estimates. Investors should weigh that ongoing loss against the earnings and revenue surprises. Zacks earnings report

Analyst Upgrades and Downgrades

Several research firms have weighed in on CGON. Piper Sandler lifted their price target on shares of CG Oncology from $82.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. Royal Bank Of Canada dropped their price objective on shares of CG Oncology from $81.00 to $79.00 and set an "outperform" rating on the stock in a report on Friday, August 7th. Truist Financial increased their price objective 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. Wall Street Zen upgraded CG Oncology from a "strong sell" rating to a "sell" rating in a research note on Saturday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of CG Oncology in a research report on Thursday, October 15th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $87.50.

CG Oncology Stock Up 17.3%

CGON opened at $75.99 on Friday. CG Oncology, Inc. has a twelve month low of $35.80 and a twelve month high of $80.97. The company's 50-day moving average price is $68.23 and its two-hundred day moving average price is $66.09. The stock has a market cap of $6.74 billion, a price-to-earnings ratio of -27.53 and a beta of 0.35.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued its quarterly earnings results on Friday, November 6th. The company reported ($0.64) EPS for the quarter, beating analysts' consensus estimates of ($0.83) by $0.19. The firm had revenue of $1.60 million for the quarter, compared to analysts' expectations of $0.55 million. CG Oncology had a negative return on equity of 25.20% and a negative net margin of 3,602.68%. As a group, sell-side analysts anticipate that CG Oncology, Inc. will post -3.31 earnings per share for the current year.

Insider Transactions at CG Oncology

In other news, Director Leonard E. Post sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $62.06, for a total value of $62,060.00. Following the completion of the transaction, the director directly owned 1,000 shares in the company, valued at approximately $62,060. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 3,000 shares of company stock worth $209,580. Corporate insiders own 4.80% of the company's stock.

About CG Oncology

CG Oncology, Inc NASDAQ: CGON is a clinical-stage biotechnology company focused on developing therapies for bladder cancer and other cancers affecting the urinary tract. The company is developing medicines designed to stimulate the immune system and target tumor cells within the bladder.

Its lead product candidate is cretostimogene grenadenorep, an investigational intravesical therapy based on an oncolytic adenovirus. The treatment is designed to be administered directly into the bladder, where it may selectively infect cancer cells, promote their destruction and activate an immune response against the tumor.

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