Massachusetts Financial Services Co. MA Raises Stake in CG Oncology, Inc. (NASDAQ:CGON)

Massachusetts Financial Services Co. MA lifted its holdings in shares of CG Oncology, Inc. (NASDAQ:CGON) by 4.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 279,945 shares of the company’s stock after purchasing an additional 13,158 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.42% of CG Oncology worth $10,562,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. purchased a new position in shares of CG Oncology during the 1st quarter worth $97,678,000. Yu Fan purchased a new position in shares of CG Oncology during the 2nd quarter worth $49,828,000. Janus Henderson Group PLC purchased a new position in shares of CG Oncology during the 1st quarter worth $66,757,000. RA Capital Management L.P. purchased a new position in shares of CG Oncology during the 1st quarter worth $61,347,000. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of CG Oncology during the 1st quarter worth $43,555,000. 26.56% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Hong Fang Song sold 650,455 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $35.36, for a total value of $23,000,088.80. Following the transaction, the director now owns 586,982 shares in the company, valued at approximately $20,755,683.52. This represents a 52.56 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CGON shares. Roth Mkm started coverage on CG Oncology in a report on Tuesday, August 27th. They set a “buy” rating and a $65.00 price target for the company. Royal Bank of Canada started coverage on CG Oncology in a research note on Monday, September 23rd. They set an “outperform” rating and a $66.00 target price on the stock. Roth Capital raised CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. UBS Group started coverage on CG Oncology in a research note on Thursday, October 24th. They set a “buy” rating and a $60.00 target price on the stock. Finally, Bank of America reissued a “buy” rating and set a $65.00 target price on shares of CG Oncology in a research note on Tuesday, October 8th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $63.88.

CG Oncology Stock Down 0.1 %

CGON stock opened at $33.90 on Wednesday. The business’s 50-day moving average is $36.32 and its two-hundred day moving average is $34.59. CG Oncology, Inc. has a 1 year low of $25.77 and a 1 year high of $50.23.

CG Oncology (NASDAQ:CGON) last posted its quarterly 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. 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 for the quarter, compared to analyst estimates of $0.30 million. On average, equities research analysts predict that CG Oncology, Inc. will post -1.31 EPS 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.