CG Oncology (NASDAQ:CGON) Stock Jumps 10.2% on Strong Earnings

CG Oncology, Inc. (NASDAQ:CGON) shares were up 10.2% on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $69.79 and last traded at $71.3930. 57,653 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 1,076,375 shares. The stock had previously closed at $64.80.

The company reported ($0.64) earnings per share for the quarter, beating the consensus estimate of ($0.83) by $0.19. The firm had revenue of $1.60 million during the quarter, compared to the consensus estimate of $0.55 million. CG Oncology had a negative return on equity of 25.20% and a negative net margin of 3,602.68%.

Analysts Set New Price Targets

CGON has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of CG Oncology in a research note on Thursday, October 15th. Truist Financial upped their target price on shares of CG Oncology from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Piper Sandler increased their price target on shares of CG Oncology from $82.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 7th. HC Wainwright reissued a “buy” rating and set a $100.00 price target on shares of CG Oncology in a research report on Wednesday, July 29th. Finally, Wall Street Zen lowered shares of CG Oncology from a “sell” rating to a “strong sell” rating in a report on Saturday, August 8th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $87.50.

Insider Transactions at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $62.06, for a total value of $62,060.00. Following the completion of the sale, the director owned 1,000 shares of the company’s stock, valued at approximately $62,060. The trade was a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 3,000 shares of company stock valued at $209,580 in the last 90 days. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On CG Oncology

Several hedge funds and other institutional investors have recently modified their holdings of CGON. BlackRock Inc. bought a new stake in shares of CG Oncology in the second quarter worth $444,509,000. Bank of America Corp DE purchased a new stake in CG Oncology during the second quarter valued at $69,978,000. Jefferies Financial Group Inc. purchased a new stake in CG Oncology during the second quarter valued at $54,705,000. Seven Fleet Capital Management LP lifted its holdings in CG Oncology by 24.5% in the second quarter. Seven Fleet Capital Management LP now owns 1,886,236 shares of the company’s stock valued at $134,017,000 after acquiring an additional 371,085 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in CG Oncology in the second quarter valued at about $16,584,000. 26.56% of the stock is owned by institutional investors.

CG Oncology Price Performance

The firm has a market capitalization of $6.47 billion, a PE ratio of -27.14 and a beta of 0.35. The firm has a 50-day simple moving average of $68.29 and a 200-day simple moving average of $65.99.

About CG Oncology

CG Oncology, Inc (NASDAQ: CGON) is a clinical-stage biotechnology company focused on developing therapies for bladder cancer and other cancers affecting the urinary tract. The company is developing medicines designed to stimulate the immune system and target tumor cells within the bladder.

Its lead product candidate is cretostimogene grenadenorep, an investigational intravesical therapy based on an oncolytic adenovirus. The treatment is designed to be administered directly into the bladder, where it may selectively infect cancer cells, promote their destruction and activate an immune response against the tumor.