Seven Fleet Capital Management LP Invests $62.91 Million in CG Oncology, Inc. $CGON

Key Points

• Seven Fleet Capital Management disclosed a new stake in CG Oncology worth about $62.9 million, buying 1.52 million shares and making CGON its largest holding at 47.8% of the portfolio.
• Institutional interest in CG Oncology remains solid, with hedge funds and other investors owning 26.56% of the company’s shares. Several firms, including Millennium Management and UBS AM, increased their positions.
• Analysts are generally bullish on the stock: CG Oncology has a consensus rating of Moderate Buy and an average target price of $81.73, though some insiders have recently sold shares and the company reported a quarterly loss wider than expected.

Seven Fleet Capital Management LP acquired a new stake in CG Oncology, Inc. (NASDAQ:CGON - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 1,515,151 shares of the company's stock, valued at approximately $62,909,000. CG Oncology makes up 47.8% of Seven Fleet Capital Management LP's holdings, making the stock its largest holding. Seven Fleet Capital Management LP owned approximately 1.88% of CG Oncology as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. AQR Capital Management LLC purchased a new stake in shares of CG Oncology in the first quarter worth about $475,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in CG Oncology by 18.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,522 shares of the company's stock valued at $876,000 after acquiring an additional 5,442 shares in the last quarter. Millennium Management LLC grew its stake in CG Oncology by 139.4% during the first quarter. Millennium Management LLC now owns 596,056 shares of the company's stock valued at $14,597,000 after acquiring an additional 347,055 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in CG Oncology by 42.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 179,363 shares of the company's stock worth $4,393,000 after acquiring an additional 53,461 shares during the period. Finally, Legal & General Group Plc increased its holdings in CG Oncology by 12.3% during the 2nd quarter. Legal & General Group Plc now owns 44,354 shares of the company's stock worth $1,153,000 after acquiring an additional 4,847 shares during the period. Hedge funds and other institutional investors own 26.56% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. JPMorgan Chase & Co. raised their price target on shares of CG Oncology from $91.00 to $96.00 and gave the company an "overweight" rating in a report on Monday, May 11th. Truist Financial reaffirmed a "buy" rating and issued a $82.00 price target (up from $77.00) on shares of CG Oncology in a report on Thursday, May 14th. HC Wainwright reiterated a "buy" rating and issued a $100.00 price objective on shares of CG Oncology in a research report on Monday, May 18th. Wall Street Zen lowered CG Oncology from a "hold" rating to a "sell" rating in a research note on Saturday, April 25th. Finally, Wedbush boosted their target price on CG Oncology from $77.00 to $80.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. Eleven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, CG Oncology currently has an average rating of "Moderate Buy" and a consensus target price of $81.73.

Insider Activity

In related news, Director James Mulay sold 15,600 shares of the firm's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $73.01, for a total value of $1,138,956.00. Following the sale, the director directly owned 15,600 shares of the company's stock, valued at $1,138,956. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Leonard E. Post sold 1,000 shares of the business's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $54.50, for a total value of $54,500.00. Following the transaction, the director owned 1,000 shares in the company, valued at approximately $54,500. This represents a 50.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 18,564 shares of company stock valued at $1,311,532. Insiders own 4.80% of the company's stock.

CG Oncology Stock Up 1.1%

Shares of NASDAQ CGON opened at $61.08 on Friday. The firm's fifty day moving average is $64.43 and its 200 day moving average is $57.07. CG Oncology, Inc. has a 52 week low of $23.65 and a 52 week high of $75.50. The company has a market cap of $5.39 billion, a price-to-earnings ratio of -26.21 and a beta of 0.31.

CG Oncology (NASDAQ:CGON - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $1.08 million for the quarter, compared to analyst estimates of $0.45 million. Equities research analysts anticipate that CG Oncology, Inc. will post -2.89 earnings per share for the current year.

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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