Pictet Asset Management Holding SA Invests $19.35 Million in CG Oncology, Inc. (NASDAQ:CGON)

Pictet Asset Management Holding SA acquired a new position in shares of CG Oncology, Inc. (NASDAQ:CGON) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 674,607 shares of the company’s stock, valued at approximately $19,348,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. NEOS Investment Management LLC boosted its stake in CG Oncology by 10.9% during the fourth quarter. NEOS Investment Management LLC now owns 8,329 shares of the company’s stock worth $239,000 after buying an additional 817 shares during the period. Rhumbline Advisers boosted its position in shares of CG Oncology by 2.2% during the 4th quarter. Rhumbline Advisers now owns 69,016 shares of the company’s stock worth $1,979,000 after purchasing an additional 1,458 shares during the period. New York State Common Retirement Fund increased its holdings in CG Oncology by 16.7% in the 4th quarter. New York State Common Retirement Fund now owns 13,996 shares of the company’s stock valued at $401,000 after purchasing an additional 2,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in CG Oncology in the fourth quarter valued at approximately $68,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in CG Oncology in the fourth quarter valued at approximately $100,000. 26.56% of the stock is currently owned by hedge funds and other institutional investors.

CG Oncology Stock Down 7.3 %

Shares of NASDAQ:CGON opened at $24.49 on Tuesday. CG Oncology, Inc. has a fifty-two week low of $23.91 and a fifty-two week high of $46.99. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of -17.25 and a beta of 1.60. The firm’s 50 day moving average price is $27.82 and its 200 day moving average price is $31.72.

CG Oncology (NASDAQ:CGON) last announced its quarterly earnings data on Tuesday, March 25th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.11). The firm had revenue of $0.46 million during the quarter, compared to analyst estimates of $0.11 million. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. On average, equities analysts anticipate that CG Oncology, Inc. will post -1.31 EPS for the current year.

Insiders Place Their Bets

In other news, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $29.66, for a total transaction of $29,660.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CGON. TD Cowen began coverage on CG Oncology in a research note on Tuesday, January 7th. They issued a “buy” rating for the company. Morgan Stanley reiterated an “overweight” rating and set a $55.00 price target on shares of CG Oncology in a research note on Friday, March 7th. HC Wainwright reissued a “buy” rating and set a $75.00 price target on shares of CG Oncology in a research report on Monday. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $66.00 price objective on shares of CG Oncology in a report on Friday, December 6th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $63.88.

About CG Oncology

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.