Polar Asset Management Partners Inc. Makes New $973,000 Investment in CG Oncology, Inc. (NASDAQ:CGON)

Polar Asset Management Partners Inc. purchased a new position in CG Oncology, Inc. (NASDAQ:CGON - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 25,800 shares of the company's stock, valued at approximately $973,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Ally Bridge Group NY LLC increased its holdings in CG Oncology by 50.5% during the 3rd quarter. Ally Bridge Group NY LLC now owns 263,266 shares of the company's stock valued at $9,933,000 after purchasing an additional 88,390 shares during the period. Deerfield Management Company L.P. Series C increased its stake in shares of CG Oncology by 811.9% during the second quarter. Deerfield Management Company L.P. Series C now owns 433,540 shares of the company's stock valued at $13,687,000 after buying an additional 386,000 shares during the period. Ensign Peak Advisors Inc bought a new position in shares of CG Oncology during the second quarter valued at approximately $1,912,000. SG Americas Securities LLC bought a new position in shares of CG Oncology during the third quarter valued at approximately $664,000. Finally, Bank of New York Mellon Corp lifted its stake in CG Oncology by 38.4% in the second quarter. Bank of New York Mellon Corp now owns 89,344 shares of the company's stock worth $2,821,000 after acquiring an additional 24,801 shares during the period. 26.56% of the stock is owned by institutional investors.

CG Oncology Stock Performance

CG Oncology stock traded up $1.03 during mid-day trading on Friday, reaching $34.59. The stock had a trading volume of 661,823 shares, compared to its average volume of 646,036. CG Oncology, Inc. has a one year low of $25.77 and a one year high of $50.23. The company has a 50-day moving average price of $35.84 and a two-hundred day moving average price of $34.84.

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

Analysts Set New Price Targets

Several brokerages have commented on CGON. UBS Group began coverage on shares of CG Oncology in a report on Thursday, October 24th. They issued a "buy" rating and a $60.00 price objective for the company. Royal Bank of Canada reissued an "outperform" rating and issued a $66.00 price target on shares of CG Oncology in a research note on Friday. Roth Capital raised CG Oncology to a "strong-buy" rating in a research report on Tuesday, August 27th. Bank of America reissued a "buy" rating and issued a $65.00 target price on shares of CG Oncology in a research report on Tuesday, October 8th. Finally, HC Wainwright restated a "buy" rating and set a $75.00 price target on shares of CG Oncology in a research report on Friday. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $63.88.

Insiders Place Their Bets

In related news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $34.54, for a total transaction of $34,540.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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.