M&T Bank Corp Increases Position in CG Oncology, Inc. (NASDAQ:CGON)

M&T Bank Corp grew its holdings in CG Oncology, Inc. (NASDAQ:CGON) by 55.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,758 shares of the company’s stock after purchasing an additional 5,996 shares during the quarter. M&T Bank Corp’s holdings in CG Oncology were worth $632,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CGON. Amalgamated Bank grew its holdings in shares of CG Oncology by 107.6% in the third quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock valued at $61,000 after purchasing an additional 840 shares during the period. California State Teachers Retirement System acquired a new position in CG Oncology in the 1st quarter valued at about $103,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of CG Oncology in the 3rd quarter valued at approximately $241,000. Profund Advisors LLC acquired a new stake in shares of CG Oncology during the 2nd quarter worth approximately $300,000. Finally, HighVista Strategies LLC purchased a new stake in shares of CG Oncology during the 3rd quarter valued at approximately $594,000. 26.56% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Analyst Ratings Changes

Several research analysts recently weighed in on CGON shares. Roth Capital upgraded CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. Royal Bank of Canada reissued an “outperform” rating and set a $66.00 price objective on shares of CG Oncology in a research report on Friday, December 6th. Bank of America reaffirmed a “buy” rating and issued a $65.00 target price on shares of CG Oncology in a research report on Tuesday, October 8th. HC Wainwright reiterated a “buy” rating and set a $75.00 price target on shares of CG Oncology in a research report on Friday, December 6th. Finally, UBS Group started coverage on shares of CG Oncology in a report on Thursday, October 24th. They issued a “buy” rating and a $60.00 price objective on the stock. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $63.88.

CG Oncology Price Performance

NASDAQ CGON opened at $29.27 on Wednesday. The firm has a 50 day simple moving average of $35.10 and a 200-day simple moving average of $34.88. CG Oncology, Inc. has a one year low of $25.77 and a one year high of $50.23.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.06. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. The company had revenue of $0.04 million during the quarter, compared to analysts’ expectations of $0.30 million. Equities research analysts expect that CG Oncology, Inc. will post -1.32 earnings per share for the current 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.