Geode Capital Management LLC Purchases 528,749 Shares of CG Oncology, Inc. (NASDAQ:CGON)

Geode Capital Management LLC boosted its position in CG Oncology, Inc. (NASDAQ:CGON) by 96.2% during the third quarter, HoldingsChannel reports. The fund owned 1,078,527 shares of the company’s stock after buying an additional 528,749 shares during the quarter. Geode Capital Management LLC’s holdings in CG Oncology were worth $40,701,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in CGON. Yu Fan bought a new stake in shares of CG Oncology in the second quarter valued at approximately $49,828,000. State Street Corp grew its stake in CG Oncology by 73.0% in the 3rd quarter. State Street Corp now owns 1,700,653 shares of the company’s stock valued at $64,166,000 after buying an additional 717,722 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in CG Oncology by 575.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 746,063 shares of the company’s stock valued at $28,149,000 after acquiring an additional 635,653 shares during the period. Deerfield Management Company L.P. Series C lifted its position 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 worth $13,687,000 after acquiring an additional 386,000 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of CG Oncology by 153.4% in the third quarter. Wellington Management Group LLP now owns 510,219 shares of the company’s stock worth $19,251,000 after acquiring an additional 308,852 shares during the period. 26.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on CGON shares. HC Wainwright reiterated a “buy” rating and set a $75.00 price objective on shares of CG Oncology in a research note on Friday, December 6th. UBS Group started coverage on CG Oncology in a research report on Thursday, October 24th. They set a “buy” rating and a $60.00 price target on the stock. Roth Capital upgraded shares of CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. Roth Mkm began coverage on shares of CG Oncology in a report on Tuesday, August 27th. They set a “buy” rating and a $65.00 target price on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $66.00 target price on shares of CG Oncology in a research note on Friday, December 6th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $63.88.

CG Oncology Price Performance

Shares of NASDAQ:CGON opened at $28.30 on Wednesday. CG Oncology, Inc. has a one year low of $25.77 and a one year high of $50.23. The company’s fifty day moving average price is $34.22 and its 200-day moving average price is $34.61.

CG Oncology (NASDAQ:CGON) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, beating 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 business had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.30 million. Equities research analysts predict that CG Oncology, Inc. will post -1.32 EPS for the current fiscal year.

Insider Activity at CG Oncology

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

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.