Wesbanco Bank Inc. Makes New $702,000 Investment in CG Oncology, Inc. $CGON

Key Points

• Wesbanco Bank Inc. has made a new investment of approximately $702,000 in CG Oncology, buying 27,000 shares during the second quarter.
• CG Oncology has received positive forecast upgrades from analysts, with Morgan Stanley increasing its price target from $52 to $56 and several others rating the stock as a "buy."
• Insider selling has occurred with notable transactions from directors, including one selling 100,000 shares valued at approximately $2.78 million recently.

Wesbanco Bank Inc. bought a new position in CG Oncology, Inc. (NASDAQ:CGON - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 27,000 shares of the company's stock, valued at approximately $702,000.

Other institutional investors have also recently modified their holdings of the company. Ameriprise Financial Inc. increased its holdings in CG Oncology by 70.2% in the 4th quarter. Ameriprise Financial Inc. now owns 21,946 shares of the company's stock worth $629,000 after buying an additional 9,051 shares in the last quarter. Bank of America Corp DE grew its stake in shares of CG Oncology by 22.6% during the 4th quarter. Bank of America Corp DE now owns 209,518 shares of the company's stock valued at $6,009,000 after purchasing an additional 38,626 shares during the period. Deutsche Bank AG grew its stake 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 purchasing an additional 13,589 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 purchasing an additional 1,026 shares during the period. Finally, Millennium Management LLC bought a new stake in shares of CG Oncology during the 4th quarter valued at about $7,141,000. 26.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CGON has been the subject of a number of recent research reports. Morgan Stanley boosted their price target on CG Oncology from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Tuesday, June 17th. Royal Bank Of Canada decreased their target price on CG Oncology from $68.00 to $53.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. Zacks Research upgraded CG Oncology from a "strong sell" rating to a "hold" rating in a report on Monday, September 1st. Piper Sandler initiated coverage on CG Oncology in a report on Monday, August 18th. They set an "overweight" rating and a $55.00 price target for the company. Finally, Jones Trading initiated coverage on CG Oncology in a report on Monday, September 8th. They set a "buy" rating and a $50.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $53.91.

CG Oncology Stock Up 3.8%

Shares of NASDAQ:CGON opened at $34.60 on Tuesday. CG Oncology, Inc. has a 52-week low of $14.80 and a 52-week high of $40.47. The stock has a market cap of $2.64 billion, a P/E ratio of -19.55 and a beta of 0.87. The business's 50 day moving average is $27.37 and its 200 day moving average is $25.62.

CG Oncology (NASDAQ:CGON - Get Free Report) last announced its quarterly earnings data 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 return on equity of 19.37% and a negative net margin of 15,945.17%. On average, sell-side analysts anticipate that CG Oncology, Inc. will post -1.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Leonard E. Post sold 2,000 shares of the company's stock in a transaction on 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 filing with the SEC, which is available through this hyperlink. Also, Director Hong Fang Song sold 100,000 shares of the company's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $27.80, for a total value of $2,780,000.00. Following the transaction, the director directly owned 2,903,931 shares in the company, valued at approximately $80,729,281.80. The trade was a 3.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 129,015 shares of company stock worth $3,687,783 in the last three months.

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.

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