Squarepoint Ops LLC Makes New Investment in CG Oncology, Inc. $CGON

Key Points

• Squarepoint Ops LLC initiated a position in CG Oncology during the second quarter, purchasing 14,477 shares valued at approximately $1.03 million. Institutional investors collectively own 26.56% of the company.
• Analyst sentiment remains broadly positive, with nine Buy ratings, one Hold and one Sell; the stock has an average “Moderate Buy” rating and an average price target of $87.78.
• CG Oncology reported a quarterly loss of $0.90 per share, missing the $0.66 consensus estimate, despite revenue of $1.16 million. Meanwhile, company insiders sold 36,165 shares worth approximately $2.64 million over the past three months.

Squarepoint Ops LLC bought a new position in CG Oncology, Inc. (NASDAQ:CGON - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 14,477 shares of the company's stock, valued at approximately $1,029,000.

A number of other institutional investors have also made changes to their positions in CGON. Fiduciary Financial Advisors bought a new stake in CG Oncology during the second quarter valued at $28,000. NFSG Corp acquired a new position in shares of CG Oncology in the 1st quarter valued at about $34,000. Fifth Third Bancorp bought a new stake in shares of CG Oncology during the 1st quarter valued at about $74,000. KBC Group NV bought a new stake in shares of CG Oncology during the 1st quarter valued at about $78,000. Finally, Handelsbanken Fonder AB raised its stake in CG Oncology by 5.8% during the second quarter. Handelsbanken Fonder AB now owns 21,900 shares of the company's stock worth $1,556,000 after acquiring an additional 1,200 shares during the period. 26.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Wall Street Zen cut shares of CG Oncology from a "sell" rating to a "strong sell" rating in a report on Saturday, August 8th. Piper Sandler increased their price target on CG Oncology from $82.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Royal Bank Of Canada cut their price target on CG Oncology from $81.00 to $79.00 and set an "outperform" rating on the stock in a report on Friday, August 7th. HC Wainwright restated a "buy" rating and set a $100.00 price objective on shares of CG Oncology in a research note on Wednesday, July 29th. Finally, Truist Financial increased their target price on CG Oncology from $82.00 to $85.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, CG Oncology has an average rating of "Moderate Buy" and an average price target of $87.78.

Insider Activity at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $72.98, for a total transaction of $72,980.00. Following the sale, the director owned 1,000 shares of the company's stock, valued at $72,980. The trade was a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Mulay sold 24,165 shares of CG Oncology stock in a transaction on Friday, July 10th. The shares were sold at an average price of $75.16, for a total value of $1,816,241.40. Following the sale, the director directly owned 24,165 shares in the company, valued at $1,816,241.40. The trade was a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 36,165 shares of company stock worth $2,638,761 in the last three months. 4.80% of the stock is owned by company insiders.

CG Oncology Stock Up 2.0%

CG Oncology stock opened at $75.62 on Friday. CG Oncology, Inc. has a 52-week low of $35.64 and a 52-week high of $80.97. The firm has a market capitalization of $6.70 billion, a price-to-earnings ratio of -28.11 and a beta of 0.24. The firm has a 50-day moving average price of $74.08 and a two-hundred day moving average price of $68.41.

CG Oncology (NASDAQ:CGON - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.66) by ($0.24). The firm had revenue of $1.16 million during the quarter, compared to analyst estimates of $0.36 million. CG Oncology had a negative net margin of 3,602.68% and a negative return on equity of 25.20%. Research analysts expect that CG Oncology, Inc. will post -3.31 earnings per share for the current year.

CG Oncology Company Profile

CG Oncology, Inc NASDAQ: CGON is a clinical-stage biotechnology company focused on developing therapies for bladder cancer. The company's research is centered on treatments designed to stimulate the immune system and target tumors directly, with an emphasis on non-muscle-invasive bladder cancer (NMIBC).

Its lead investigational product, cretostimogene grenadenorep, also known as CG0070, is an intravesical oncolytic adenovirus intended for administration directly into the bladder. The therapy is designed to selectively replicate in cancer cells, promote tumor-cell destruction and stimulate an immune response through the production of granulocyte-macrophage colony-stimulating factor (GM-CSF).

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