Ally Bridge Group NY LLC Reduces Position in CG Oncology, Inc. (NASDAQ:CGON)

Ally Bridge Group NY LLC trimmed its position in CG Oncology, Inc. (NASDAQ:CGON) by 45.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 174,876 shares of the company’s stock after selling 145,502 shares during the quarter. CG Oncology accounts for approximately 3.3% of Ally Bridge Group NY LLC’s holdings, making the stock its 17th biggest holding. Ally Bridge Group NY LLC owned about 0.26% of CG Oncology worth $5,521,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CGON. Decheng Capital LLC purchased a new position in shares of CG Oncology in the first quarter valued at about $239,642,000. Vanguard Group Inc. purchased a new stake in CG Oncology in the 1st quarter worth approximately $97,678,000. BVF Inc. IL bought a new stake in shares of CG Oncology in the 1st quarter worth approximately $82,716,000. Janus Henderson Group PLC purchased a new position in shares of CG Oncology during the first quarter valued at approximately $66,757,000. Finally, RA Capital Management L.P. bought a new position in shares of CG Oncology during the first quarter valued at approximately $61,347,000. 26.56% of the stock is currently owned by institutional investors.

CG Oncology Price Performance

NASDAQ CGON opened at $39.00 on Monday. The stock’s fifty day moving average price is $35.29 and its 200-day moving average price is $35.27. CG Oncology, Inc. has a 12 month low of $25.77 and a 12 month high of $50.23.

CG Oncology (NASDAQ:CGON) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.14. The business had revenue of $0.11 million during the quarter. On average, equities research analysts forecast that CG Oncology, Inc. will post -1.47 earnings per share for the current year.

Insider Activity

In related news, Director Hong Fang Song sold 650,455 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $35.36, for a total transaction of $23,000,088.80. Following the sale, the director now directly owns 586,982 shares of the company’s stock, valued at $20,755,683.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CGON shares. Roth Capital upgraded shares of CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. HC Wainwright reiterated a “buy” rating and set a $75.00 target price on shares of CG Oncology in a report on Tuesday, September 17th. Roth Mkm initiated coverage on CG Oncology in a research note on Tuesday, August 27th. They issued a “buy” rating and a $65.00 target price for the company. Finally, Bank of America assumed coverage on CG Oncology in a research note on Friday, June 28th. They issued a “buy” rating and a $65.00 price target on the stock. Six 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.com, CG Oncology has a consensus rating of “Buy” and a consensus target price of $64.17.

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.