Wesbanco Bank Inc. Takes $702,000 Position 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. purchased a new stake in CG Oncology, Inc. (NASDAQ:CGON - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 27,000 shares of the company's stock, valued at approximately $702,000.

Several other institutional investors have also added to or reduced their stakes in the company. GF Fund Management CO. LTD. acquired a new stake in shares of CG Oncology during the 4th quarter worth $41,000. CWM LLC grew its holdings in shares of CG Oncology by 3,957.7% during the 1st quarter. CWM LLC now owns 2,110 shares of the company's stock worth $52,000 after purchasing an additional 2,058 shares in the last quarter. GAMMA Investing LLC grew its holdings 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 worth $56,000 after purchasing an additional 2,102 shares in the last quarter. KLP Kapitalforvaltning AS grew its holdings in shares of CG Oncology by 131.4% during the 1st quarter. KLP Kapitalforvaltning AS now owns 8,100 shares of the company's stock worth $198,000 after purchasing an additional 4,600 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of CG Oncology by 41.7% during the 1st quarter. Federated Hermes Inc. now owns 8,500 shares of the company's stock worth $208,000 after purchasing an additional 2,500 shares in the last quarter. 26.56% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other CG Oncology news, Director Hong Fang Song sold 100,000 shares of CG Oncology stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $27.80, for a total transaction of $2,780,000.00. Following the completion of the sale, the director owned 2,903,931 shares of the company's stock, valued at $80,729,281.80. The trade was a 3.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Brian Guan-Chyun Liu purchased 1,515,151 shares of the company's stock in a transaction on Thursday, September 11th. The shares were purchased at an average cost of $33.00 per share, with a total value of $49,999,983.00. Following the purchase, the director owned 1,515,151 shares of the company's stock, valued at approximately $49,999,983. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 130,015 shares of company stock valued at $3,722,883 in the last 90 days. Corporate insiders own 7.40% of the company's stock.

CG Oncology Price Performance

Shares of CGON traded down $1.92 during mid-day trading on Friday, hitting $36.90. The stock had a trading volume of 2,019,030 shares, compared to its average volume of 1,086,112. The firm has a market cap of $2.81 billion, a P/E ratio of -20.85 and a beta of 0.87. The business has a fifty day moving average price of $28.21 and a 200-day moving average price of $25.95. 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 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, research analysts expect that CG Oncology, Inc. will post -1.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Zacks Research raised CG Oncology from a "strong sell" rating to a "hold" rating in a report on Monday, September 1st. Wall Street Zen lowered CG Oncology from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Cantor Fitzgerald reissued an "overweight" rating and set a $75.00 target price on shares of CG Oncology in a report on Monday, September 8th. Jones Trading began coverage on CG Oncology in a research report on Monday, September 8th. They set a "buy" rating and a $50.00 price objective for the company. Finally, Morgan Stanley upped their price objective on CG Oncology from $56.00 to $79.00 and gave the stock an "overweight" rating in a research report on Wednesday. One equities research 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 data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $56.00.

CG Oncology 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.