Vanguard Group Inc. Cuts Holdings in CG Oncology, Inc. $CGON

Key Points

• Vanguard Group Inc. reduced its stake in CG Oncology by 0.4% during the first quarter, now holding approximately 7.66%, worth $142.93 million.
• Several institutional investors significantly increased their stakes in CG Oncology, with CWM LLC boosting its stake by nearly 4,000% in the same quarter.
• CG Oncology's recent earnings report showed a loss of ($0.54) EPS, falling short of the expected consensus estimate of ($0.49).

Vanguard Group Inc. lowered its position in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 0.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 5,836,320 shares of the company's stock after selling 24,762 shares during the period. Vanguard Group Inc. owned 7.66% of CG Oncology worth $142,931,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Wells Fargo & Company MN lifted its position in shares of CG Oncology by 45.3% during the 4th quarter. Wells Fargo & Company MN now owns 28,234 shares of the company's stock valued at $810,000 after acquiring an additional 8,803 shares during the period. Deutsche Bank AG lifted its position in shares of CG Oncology by 53.5% during the 4th quarter. Deutsche Bank AG now owns 38,978 shares of the company's stock valued at $1,118,000 after acquiring an additional 13,589 shares during the period. Rhumbline Advisers lifted its position in shares of CG Oncology by 8.2% during the 1st quarter. Rhumbline Advisers now owns 74,689 shares of the company's stock valued at $1,829,000 after acquiring an additional 5,673 shares during the period. GAMMA Investing LLC lifted its position in shares of CG Oncology by 1,051.0% during the 1st quarter. GAMMA Investing LLC now owns 2,302 shares of the company's stock valued at $56,000 after acquiring an additional 2,102 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of CG Oncology by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,080 shares of the company's stock valued at $862,000 after acquiring an additional 1,026 shares during the period. Institutional investors and hedge funds own 26.56% of the company's stock.

Insiders Place Their Bets

In related news, Director Leonard E. Post sold 2,000 shares of the business's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $28.00, for a total transaction of $56,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 7.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CGON shares. The Goldman Sachs Group upgraded shares of CG Oncology to a "strong-buy" rating and set a $40.00 target price on the stock in a research report on Thursday, July 10th. Wall Street Zen downgraded shares of CG Oncology from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Cantor Fitzgerald reiterated an "overweight" rating and set a $75.00 target price on shares of CG Oncology in a research report on Monday, April 28th. JPMorgan Chase & Co. started coverage on shares of CG Oncology in a research report on Friday, May 2nd. They set an "overweight" rating and a $41.00 target price on the stock. Finally, Morgan Stanley boosted their price target on shares of CG Oncology from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $55.27.

CG Oncology Stock Up 3.6%

CGON stock traded up $0.94 during midday trading on Friday, reaching $26.92. 542,477 shares of the company's stock traded hands, compared to its average volume of 717,000. The company has a market cap of $2.05 billion, a price-to-earnings ratio of -15.21 and a beta of 0.87. The firm's fifty day moving average price is $26.11 and its 200-day moving average price is $25.33. 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) 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%. Analysts forecast that CG Oncology, Inc. will post -1.31 earnings per share for the current year.

About CG Oncology

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.