Pictet Asset Management Holding SA Cuts Stake in CG Oncology, Inc. $CGON

Key Points

• Pictet Asset Management Holding SA sharply reduced its CG Oncology stake by 70.5% in the first quarter, selling 951,522 shares and ending with 398,005 shares worth about $26.9 million.
• CG Oncology reported a Q1 loss of $0.71 per share, wider than Wall Street expected, though revenue of $1.08 million beat estimates.
• Analysts remain mixed but generally constructive: several firms raised price targets, and the stock currently carries a Moderate Buy consensus with a target price of about $81.73.

Pictet Asset Management Holding SA cut its stake in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 70.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 398,005 shares of the company's stock after selling 951,522 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.47% of CG Oncology worth $26,937,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in shares of CG Oncology by 321.3% in the third quarter. JPMorgan Chase & Co. now owns 227,879 shares of the company's stock valued at $9,179,000 after acquiring an additional 173,785 shares in the last quarter. Mangrove Partners IM LLC raised its stake in CG Oncology by 21.0% in the 3rd quarter. Mangrove Partners IM LLC now owns 671,692 shares of the company's stock valued at $27,056,000 after purchasing an additional 116,575 shares during the last quarter. Sivik Global Healthcare LLC purchased a new position in CG Oncology in the 4th quarter valued at $1,453,000. HighVista Strategies LLC boosted its stake in CG Oncology by 152.1% during the 3rd quarter. HighVista Strategies LLC now owns 26,040 shares of the company's stock worth $1,049,000 after purchasing an additional 15,712 shares during the last quarter. Finally, Jennison Associates LLC purchased a new stake in shares of CG Oncology during the fourth quarter worth $11,730,000. 26.56% of the stock is currently owned by institutional investors and hedge funds.

CG Oncology Price Performance

Shares of CGON stock opened at $70.89 on Thursday. CG Oncology, Inc. has a 12 month low of $23.65 and a 12 month high of $77.00. The company has a market capitalization of $6.25 billion, a PE ratio of -30.42 and a beta of 0.21. The firm's 50-day moving average is $64.51 and its two-hundred day moving average is $58.75.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued its quarterly earnings data on Friday, May 8th. The company reported ($0.71) earnings per share for the quarter, missing the consensus estimate of ($0.58) by ($0.13). The company had revenue of $1.08 million during the quarter, compared to the consensus estimate of $0.45 million. Sell-side analysts forecast that CG Oncology, Inc. will post -2.89 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CGON shares. Royal Bank Of Canada raised their price target on shares of CG Oncology from $79.00 to $81.00 and gave the stock an "outperform" rating in a research note on Monday, May 11th. Wedbush upped their price objective on shares of CG Oncology from $77.00 to $80.00 and gave the company an "outperform" rating in a research note on Monday, May 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of CG Oncology in a research note on Monday, April 20th. Wall Street Zen cut CG Oncology from a "hold" rating to a "sell" rating in a report on Saturday, April 25th. Finally, JPMorgan Chase & Co. increased their price target on CG Oncology from $91.00 to $96.00 and gave the company an "overweight" rating in a report on Monday, May 11th. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $81.73.

Insider Buying and Selling at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 5,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $70.00, for a total transaction of $350,000.00. Following the completion of the transaction, the director owned 5,000 shares of the company's stock, valued at $350,000. 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 available through the SEC website. Also, Director Brian Guan-Chyun Liu bought 371,085 shares of the business's stock in a transaction on Thursday, June 25th. The stock was purchased at an average cost of $66.87 per share, for a total transaction of $24,814,453.95. Following the transaction, the director owned 1,886,236 shares of the company's stock, valued at $126,132,601.32. This trade represents a 24.49% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 28,564 shares of company stock valued at $1,986,532 over the last 90 days. 4.80% of the stock is owned by insiders.

About CG Oncology

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.

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