CG Oncology, Inc. $CGON Stock: Candriam S.C.A. Cuts Position

Key Points

• Candriam S.C.A. cut its CG Oncology position by 20%, selling 93,808 shares in the third quarter; it retained 375,362 shares, worth about $26.7 million.
• CG Oncology reported a quarterly loss of $0.64 per share, narrower than the $0.83 consensus estimate, while revenue of $1.6 million topped expectations of about $550,000.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $87.50; eight analysts rate the stock Buy, one Hold, and one Sell.

Candriam S.C.A. lessened its position in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 20.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 375,362 shares of the company's stock after selling 93,808 shares during the period. Candriam S.C.A. owned approximately 0.42% of CG Oncology worth $26,707,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CGON. Covestor Ltd increased its stake in shares of CG Oncology by 72.6% during the third quarter. Covestor Ltd now owns 770 shares of the company's stock worth $55,000 after acquiring an additional 324 shares during the period. GAMMA Investing LLC lifted its position in CG Oncology by 47.9% in the third quarter. GAMMA Investing LLC now owns 1,081 shares of the company's stock valued at $77,000 after purchasing an additional 350 shares during the period. Fiduciary Financial Advisors acquired a new stake in CG Oncology in the second quarter valued at about $28,000. NFSG Corp acquired a new stake in CG Oncology in the first quarter valued at about $34,000. Finally, Manchester Capital Management LLC boosted its holdings in CG Oncology by 2,895.5% in the 3rd quarter. Manchester Capital Management LLC now owns 659 shares of the company's stock valued at $47,000 after purchasing an additional 637 shares in the last quarter. Hedge funds and other institutional investors own 26.56% of the company's stock.

Insider Transactions at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $62,060. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 3,000 shares of company stock valued at $209,580 over the last three months. Company insiders own 4.80% of the company's stock.

Wall Street Analysts Forecast Growth

CGON has been the topic of several recent analyst reports. HC Wainwright reiterated a "buy" rating and set a $100.00 target price on shares of CG Oncology in a research report on Wednesday, July 29th. Piper Sandler increased their target price on CG Oncology from $82.00 to $85.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Truist Financial raised their price target on CG Oncology from $82.00 to $85.00 and gave the company a "buy" rating in a report on Friday, August 7th. Royal Bank Of Canada decreased their price target on CG Oncology from $81.00 to $79.00 and set an "outperform" rating on the stock in a research note on Friday, August 7th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of CG Oncology in a research note on Thursday, October 15th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, CG Oncology has an average rating of "Moderate Buy" and a consensus target price of $87.50.

Key Stories Impacting 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

CG Oncology Price Performance

Shares of CGON opened at $75.99 on Monday. The company has a 50-day simple moving average of $68.23 and a 200-day simple moving average of $66.09. The company has a market capitalization of $6.74 billion, a PE ratio of -27.53 and a beta of 0.35. CG Oncology, Inc. has a 52-week low of $35.80 and a 52-week high of $80.97.

CG Oncology (NASDAQ:CGON - Get Free Report) last announced its quarterly earnings data on Friday, November 6th. The company reported ($0.64) EPS for the quarter, beating the consensus estimate of ($0.83) by $0.19. The firm had revenue of $1.60 million during the quarter, compared to analysts' expectations of $0.55 million. CG Oncology had a negative net margin of 3,851.09% and a negative return on equity of 24.79%. On average, research analysts anticipate that CG Oncology, Inc. will post -3.31 EPS for the current year.

CG Oncology Profile

CG Oncology is a clinical-stage biotechnology company focused on developing treatments for bladder cancer. Based in Irvine, California, the company's research centers on therapies delivered directly into the bladder.

Its lead investigational therapy, cretostimogene grenadenorepvec (formerly CG0070), is an oncolytic immunotherapy being developed for non-muscle-invasive bladder cancer, including disease that has not responded to Bacillus Calmette-Guérin (BCG) treatment. The modified virus is designed to target cancer cells and stimulate an immune response.

CG Oncology has no approved commercial products.

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