Key Points
Connecticut-based Braidwell sold 1,412,746 shares of CG Oncology, with an estimated transaction value of $58.46 million (quarterly average prices).
Meanwhile, the quarter-end stake value decreased by $54.59 million, reflecting both share sale and price moves.
The trade represents 1.87% of Braidwell's reportable U.S. equity AUM.
The firm ended the quarter with 1,870,571 shares worth $77.67 million.
CG Oncology now accounts for 2.48% of fund AUM, outside Braidwell’s top five holdings.
Connecticut-based Braidwell reported selling 1,412,746 shares of CG Oncology (NASDAQ:CGON) in its February 17, 2026, SEC filing, an estimated $58.46 million trade based on quarterly average pricing.
What happened
According to a February 17, 2026, SEC filing, Braidwell reduced its position in CG Oncology by 1,412,746 shares during the fourth quarter of 2025. The estimated transaction value was $58.46 million, based on the stock’s average closing price in the quarter. The fund’s quarter-end value in CG Oncology declined by $54.59 million, a figure reflecting both trading activity and stock price movement.
What else to know
- Braidwell’s CG Oncology stake now represents 2.48% of its 13F reportable U.S. equity assets after the sale.
- Top holdings after the filing:
- NASDAQ:CAI: $210.88 million (8.08% of AUM)
- NASDAQ:EWTX: $129.31 million (4.95% of AUM)
- NASDAQ:NBIX: $106.59 million (4.08% of AUM)
- NYSE:GKOS: $104.10 million (3.99% of AUM)
- NASDAQ:NUVL: $82.63 million (3.16% of AUM)
- As of February 18, 2026, shares of CG Oncology were priced at $55.21, up 101.7% over the past year, with a one-year alpha of 89.45 percentage points versus the S&P 500.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2/18/26) | $55.21 |
| Market capitalization | $4.45 billion |
| Revenue (TTM) | $2.17 million |
| Net income (TTM) | ($151.48 million) |
Company snapshot
- CG Oncology develops and commercializes cretostimogene, a clinical-stage therapeutic candidate targeting high-risk non-muscle invasive bladder cancer (NMIBC) unresponsive to Bacillus Calmette Guerin (BCG) therapy.
- The company operates a biopharmaceutical business model focused on developing novel oncology therapeutics through clinical development.
- It targets healthcare providers and institutions treating patients with bladder cancer, specifically those with high-risk NMIBC who have limited options after BCG failure.
CG Oncology, Inc. is a clinical-stage biotechnology company specializing in innovative therapies for bladder cancer. The company leverages its expertise in oncology to address significant unmet medical needs, with a focus on bladder-sparing treatments. Its pipeline and strategic focus position it to compete in the evolving biopharmaceutical landscape targeting urologic cancers.
What this transaction means for investors
Clinical-stage biotech runs on milestones, and CG Oncology raised the stakes last month, providing an accelerated Phase 3 timeline. The company now expects topline data from its PIVOT-006 trial in intermediate-risk NMIBC in the first half of 2026, nearly a year ahead of schedule, after enrolling more than 360 patients across 90-plus sites. That kind of execution helps explain why the stock has more than doubled over the past year.
Even so, trimming a position after a 102% run is not the same as abandoning the story. The remaining stake still represents 2.48% of reportable equity assets, smaller than core holdings in names like CAI or EWTX but meaningful within a healthcare-heavy portfolio. That sizing reflects the reality of binary risk. Late-stage oncology assets can create enormous value, but they can also compress just as quickly on unexpected data.
For long-term investors, the focus should be on probability-weighted outcomes. CG Oncology is targeting a population estimated at more than 50,000 intermediate-risk patients in the U.S. alone, with no FDA-approved adjuvant options today. If Phase 3 data deliver, the commercial opportunity expands materially. If not, volatility could certainly return.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Neurocrine Biosciences. The Motley Fool has a disclosure policy.
