State Street Corp Acquires 717,722 Shares of CG Oncology, Inc. (NASDAQ:CGON)

State Street Corp raised its holdings in CG Oncology, Inc. (NASDAQ:CGON - Free Report) by 73.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,700,653 shares of the company's stock after purchasing an additional 717,722 shares during the quarter. State Street Corp owned 2.54% of CG Oncology worth $64,166,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CGON. Amalgamated Bank raised its holdings in CG Oncology by 107.6% during the third quarter. Amalgamated Bank now owns 1,621 shares of the company's stock worth $61,000 after purchasing an additional 840 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in CG Oncology in the third quarter worth $241,000. Profund Advisors LLC purchased a new stake in shares of CG Oncology during the 2nd quarter worth $300,000. HighVista Strategies LLC acquired a new position in CG Oncology during the third quarter worth about $594,000. Finally, SG Americas Securities LLC acquired a new position in CG Oncology during the third quarter worth $664,000. Hedge funds and other institutional investors own 26.56% of the company's stock.

Insider Transactions at CG Oncology

In related news, Director Hong Fang Song sold 700,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $28.00, for a total value of $19,600,000.00. Following the sale, the director now directly owns 3,003,931 shares in the company, valued at $84,110,068. This trade represents a 18.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Leonard E. Post sold 1,000 shares of the company's stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $34.54, for a total transaction of $34,540.00. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

CGON has been the subject of several research reports. UBS Group initiated coverage on CG Oncology in a research report on Thursday, October 24th. They set a "buy" rating and a $60.00 price objective for the company. Royal Bank of Canada reiterated an "outperform" rating and set a $66.00 price objective on shares of CG Oncology in a research note on Friday, December 6th. Bank of America reissued a "buy" rating and issued a $65.00 target price on shares of CG Oncology in a report on Tuesday, October 8th. Roth Capital raised shares of CG Oncology to a "strong-buy" rating in a research note on Tuesday, August 27th. Finally, Roth Mkm began coverage on shares of CG Oncology in a research note on Tuesday, August 27th. They issued a "buy" rating and a $65.00 price target on the stock. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, CG Oncology presently has an average rating of "Buy" and an average target price of $63.88.

CG Oncology Stock Down 1.5 %

Shares of CGON stock traded down $0.43 during mid-day trading on Thursday, hitting $28.02. 1,476,785 shares of the stock traded hands, compared to its average volume of 668,361. CG Oncology, Inc. has a twelve month low of $25.77 and a twelve month high of $50.23. The company's 50-day simple moving average is $34.87 and its 200-day simple moving average is $34.82.

CG Oncology (NASDAQ:CGON - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, topping analysts' consensus estimates of ($0.36) by $0.06. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. The company had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million. Equities analysts expect that CG Oncology, Inc. will post -1.32 earnings per share for the current fiscal year.

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.