Corebridge Financial Inc. Reduces Position in CG Oncology, Inc. $CGON

Key Points

• Corebridge Financial Inc. reduced its holdings in CG Oncology, Inc. by 71.5%, now owning 26,514 shares after selling 66,675 shares during the first quarter.
• Analyst ratings for CG Oncology have varied, with Wall Street Zen downgrading the stock to a "sell" and HC Wainwright maintaining a "buy" rating with a price target of $75.00.
• CG Oncology reported a loss of ($0.54) earnings per share for the last quarter, falling short of the consensus estimate of ($0.49).

Corebridge Financial Inc. lowered its stake in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 71.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,514 shares of the company's stock after selling 66,675 shares during the quarter. Corebridge Financial Inc.'s holdings in CG Oncology were worth $649,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CGON. The Manufacturers Life Insurance Company boosted its holdings in CG Oncology by 4.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 76,522 shares of the company's stock worth $2,195,000 after purchasing an additional 3,373 shares during the last quarter. Northern Trust Corp boosted its holdings in CG Oncology by 13.7% in the fourth quarter. Northern Trust Corp now owns 433,860 shares of the company's stock worth $12,443,000 after purchasing an additional 52,419 shares during the last quarter. Ameriprise Financial Inc. raised its position in CG Oncology by 70.2% in the fourth quarter. Ameriprise Financial Inc. now owns 21,946 shares of the company's stock worth $629,000 after acquiring an additional 9,051 shares during the period. Bank of America Corp DE raised its position in CG Oncology by 22.6% in the fourth quarter. Bank of America Corp DE now owns 209,518 shares of the company's stock worth $6,009,000 after acquiring an additional 38,626 shares during the period. Finally, Deutsche Bank AG raised its position in CG Oncology by 53.5% in the fourth quarter. Deutsche Bank AG now owns 38,978 shares of the company's stock worth $1,118,000 after acquiring an additional 13,589 shares during the period. Hedge funds and other institutional investors own 26.56% of the company's stock.

Insiders Place Their Bets

In other CG Oncology news, Director Hong Fang Song sold 100,000 shares of CG Oncology stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $27.80, for a total value of $2,780,000.00. Following the completion of the transaction, the director directly owned 2,903,931 shares of the company's stock, valued at $80,729,281.80. This trade represents a 3.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Leonard E. Post sold 2,000 shares of CG Oncology stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $28.00, for a total transaction of $56,000.00. The disclosure for this sale can be found here. Insiders sold 129,015 shares of company stock valued at $3,687,783 in the last three months. Corporate insiders own 7.40% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on CGON shares. Morgan Stanley increased their price target on shares of CG Oncology from $52.00 to $56.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $75.00 price target on shares of CG Oncology in a research report on Monday. Wall Street Zen downgraded shares of CG Oncology from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Royal Bank Of Canada decreased their price target on shares of CG Oncology from $68.00 to $53.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 16th. Finally, The Goldman Sachs Group upgraded shares of CG Oncology to a "strong-buy" rating and set a $40.00 price objective on the stock in a research report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $53.91.

CG Oncology Price Performance

Shares of CGON stock traded up $0.18 on Friday, hitting $33.34. 1,398,940 shares of the stock traded hands, compared to its average volume of 823,360. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of -18.84 and a beta of 0.87. The firm has a 50 day simple moving average of $27.20 and a two-hundred day simple moving average of $25.54. CG Oncology, Inc. has a 52 week low of $14.80 and a 52 week high of $40.47.

CG Oncology (NASDAQ:CGON - Get Free Report) last announced its quarterly earnings results on Friday, August 8th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.05). CG Oncology had a negative net margin of 15,945.17% and a negative return on equity of 19.37%. Sell-side analysts forecast that CG Oncology, Inc. will post -1.31 EPS for the current year.

CG Oncology Profile

CG Oncology, Inc, an oncolytic immunotherapy company, focuses on developing and commercializing backbone bladder-sparing therapeutics for patients with bladder cancer. The company develops BOND-003 for the treatment of high-risk bacillus calmette guerin (BCG)-unresponsive non-muscle invasive bladder cancer (NMIBC) patients; CORE-001 to treat cretostimogene in combination with pembrolizumab in high-risk BCG-unresponsive NMIBC patients; and CORE-002 for the treatment of cretostimogene in combination with the checkpoint inhibitor nivolumab in muscle invasive bladder cancer patients.