Adage Capital Partners GP L.L.C. Has $5.74 Million Stock Position in CG Oncology, Inc. (NASDAQ:CGON)

Adage Capital Partners GP L.L.C. lessened its holdings in shares of CG Oncology, Inc. (NASDAQ:CGON) by 50.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 200,000 shares of the company’s stock after selling 200,000 shares during the quarter. Adage Capital Partners GP L.L.C.’s holdings in CG Oncology were worth $5,736,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its holdings in CG Oncology by 59.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 945,194 shares of the company’s stock worth $27,109,000 after purchasing an additional 353,787 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in CG Oncology by 2,636.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,865 shares of the company’s stock worth $254,000 after purchasing an additional 8,541 shares in the last quarter. MetLife Investment Management LLC increased its holdings in CG Oncology by 7.0% during the 4th quarter. MetLife Investment Management LLC now owns 29,026 shares of the company’s stock worth $832,000 after purchasing an additional 1,894 shares in the last quarter. Marshall Wace LLP increased its holdings in CG Oncology by 18,836.0% during the 4th quarter. Marshall Wace LLP now owns 1,458,072 shares of the company’s stock worth $41,818,000 after purchasing an additional 1,450,372 shares in the last quarter. Finally, Affinity Asset Advisors LLC bought a new position in CG Oncology during the 4th quarter worth about $2,868,000. Institutional investors and hedge funds own 26.56% of the company’s stock.

CG Oncology Trading Up 25.0 %

CGON opened at $27.97 on Tuesday. CG Oncology, Inc. has a 1-year low of $14.80 and a 1-year high of $46.99. The stock’s fifty day simple moving average is $23.62 and its 200 day simple moving average is $29.17. The stock has a market cap of $2.13 billion, a PE ratio of -19.70 and a beta of 1.24.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings results 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). CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. The business had revenue of $0.46 million during the quarter, compared to the consensus estimate of $0.11 million. Equities analysts forecast that CG Oncology, Inc. will post -1.31 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Scotiabank assumed coverage on CG Oncology in a report on Wednesday, April 16th. They set a “sector perform” rating and a $23.00 target price for the company. TD Cowen started coverage on CG Oncology in a research report on Tuesday, January 7th. They issued a “buy” rating on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $75.00 price target on shares of CG Oncology in a research report on Monday. Morgan Stanley reaffirmed an “overweight” rating and set a $55.00 price target on shares of CG Oncology in a research report on Friday, March 7th. Finally, HC Wainwright reiterated a “buy” rating and set a $75.00 price objective on shares of CG Oncology in a research note on Monday. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $59.33.

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.