Point72 Asset Management L.P. Boosts Stake in CG Oncology, Inc. (NASDAQ:CGON)

Point72 Asset Management L.P. increased its holdings in shares of CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 575.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 746,063 shares of the company's stock after purchasing an additional 635,653 shares during the period. Point72 Asset Management L.P. owned 1.11% of CG Oncology worth $28,149,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Polar Asset Management Partners Inc. bought a new stake in CG Oncology during the 3rd quarter valued at $973,000. Janus Henderson Group PLC boosted its position in CG Oncology by 7.0% during the third quarter. Janus Henderson Group PLC now owns 1,526,534 shares of the company's stock valued at $57,596,000 after purchasing an additional 99,517 shares in the last quarter. HighVista Strategies LLC purchased a new position in CG Oncology in the third quarter valued at about $594,000. ArrowMark Colorado Holdings LLC raised its holdings in CG Oncology by 17.4% in the third quarter. ArrowMark Colorado Holdings LLC now owns 230,390 shares of the company's stock worth $8,693,000 after purchasing an additional 34,131 shares in the last quarter. Finally, Ally Bridge Group NY LLC lifted its position in shares of CG Oncology by 50.5% during the third quarter. Ally Bridge Group NY LLC now owns 263,266 shares of the company's stock valued at $9,933,000 after buying an additional 88,390 shares during the last quarter. 26.56% of the stock is owned by hedge funds and other institutional investors.

CG Oncology Price Performance

NASDAQ:CGON traded up $1.03 during midday trading on Friday, hitting $34.59. The company's stock had a trading volume of 661,823 shares, compared to its average volume of 646,036. CG Oncology, Inc. has a fifty-two week low of $25.77 and a fifty-two week high of $50.23. The firm's 50 day moving average is $35.84 and its 200-day moving average is $34.84.

CG Oncology (NASDAQ:CGON - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.36) by $0.06. The company had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. On average, sell-side analysts forecast that CG Oncology, Inc. will post -1.31 EPS for the current year.

Insider Transactions at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the business's stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $34.54, for a total value of $34,540.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CGON. Roth Capital upgraded shares of CG Oncology to a "strong-buy" rating in a research note on Tuesday, August 27th. HC Wainwright reissued a "buy" rating and issued a $75.00 price objective on shares of CG Oncology in a research report on Friday. Bank of America reiterated a "buy" rating and issued a $65.00 price target on shares of CG Oncology in a research note on Tuesday, October 8th. Royal Bank of Canada restated an "outperform" rating and set a $66.00 price target on shares of CG Oncology in a research note on Friday. Finally, Roth Mkm initiated coverage on shares of CG Oncology in a research report on Tuesday, August 27th. They issued a "buy" rating and a $65.00 price objective for the company. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, CG Oncology has an average rating of "Buy" and an average target price of $63.88.

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.