Wellington Management Group LLP Boosts Stake in CG Oncology, Inc. $CGON

Key Points

• Wellington Management Group LLP increased its stake in CG Oncology by 11.2%, owning over 2 million shares worth approximately $52 million.
• Several institutional investors, including Northern Trust Corp and Invesco, also adjusted their positions in CG Oncology during the same quarter.
• CG Oncology's stock has received multiple positive ratings from analysts, with a current average target price of $55.27 and a consensus rating of "Buy."

Wellington Management Group LLP boosted its stake in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 11.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,125,208 shares of the company's stock after purchasing an additional 214,738 shares during the period. Wellington Management Group LLP owned about 2.79% of CG Oncology worth $52,046,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Wells Fargo & Company MN increased its position in shares of CG Oncology by 45.3% during the fourth quarter. Wells Fargo & Company MN now owns 28,234 shares of the company's stock worth $810,000 after buying an additional 8,803 shares during the period. Invesco Ltd. grew its holdings in shares of CG Oncology by 75.7% during the fourth quarter. Invesco Ltd. now owns 27,069 shares of the company's stock valued at $776,000 after buying an additional 11,662 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of CG Oncology by 10.6% during the fourth quarter. Legal & General Group Plc now owns 29,262 shares of the company's stock valued at $839,000 after buying an additional 2,793 shares during the last quarter. Barclays PLC grew its holdings in shares of CG Oncology by 11.9% during the fourth quarter. Barclays PLC now owns 101,257 shares of the company's stock valued at $2,905,000 after buying an additional 10,737 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its position in shares of CG Oncology by 7.0% during the fourth quarter. MetLife Investment Management LLC now owns 29,026 shares of the company's stock valued at $832,000 after purchasing an additional 1,894 shares in the last quarter. Institutional investors own 26.56% of the company's stock.

Insider Transactions at CG Oncology

In other news, Director Leonard E. Post sold 2,000 shares of the firm's stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $28.00, for a total transaction of $56,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 7.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on CGON. Wall Street Zen lowered shares of CG Oncology from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Piper Sandler started coverage on shares of CG Oncology in a report on Monday, August 18th. They issued an "overweight" rating and a $55.00 price objective for the company. Morgan Stanley upped their price objective on shares of CG Oncology from $52.00 to $56.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. The Goldman Sachs Group raised 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. Finally, Royal Bank Of Canada decreased their target price on shares of CG Oncology from $68.00 to $53.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $54.30.

CG Oncology Price Performance

NASDAQ CGON traded up $0.10 during mid-day trading on Friday, hitting $26.82. The stock had a trading volume of 400,018 shares, compared to its average volume of 591,873. The firm's 50 day moving average is $26.16 and its 200 day moving average is $25.28. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -15.15 and a beta of 0.87. CG Oncology, Inc. has a twelve month low of $14.80 and a twelve month high of $40.47.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued its earnings results on Friday, August 8th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate 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%. As a group, equities research analysts expect that CG Oncology, Inc. will post -1.31 earnings per share for the current year.

CG Oncology Company 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.