CG Oncology (NASDAQ:CGON) Issues Earnings Results

CG Oncology (NASDAQ:CGON) posted its quarterly earnings results on Friday. The company reported ($0.64) earnings per share for the quarter, beating the consensus estimate of ($0.83) by $0.19, FiscalAI reports. The business had revenue of $1.60 million for 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%.

CG Oncology Stock Up 17.3%

Shares of NASDAQ CGON traded up $11.19 during midday trading on Friday, reaching $75.99. 3,661,720 shares of the stock were exchanged, compared to its average volume of 883,081. The firm has a market cap of $6.74 billion, a price-to-earnings ratio of -28.25 and a beta of 0.35. The firm has a 50-day simple moving average of $68.23 and a two-hundred day simple moving average of $66.09. CG Oncology has a twelve month low of $35.80 and a twelve month high of $80.97.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CGON shares. Weiss Ratings restated a “sell (d-)” rating on shares of CG Oncology in a research note on Thursday, October 15th. HC Wainwright reiterated a “buy” rating and issued a $100.00 target price on shares of CG Oncology in a research report on Wednesday, July 29th. Royal Bank Of Canada dropped their target price on CG Oncology from $81.00 to $79.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. Truist Financial increased their price target on shares of CG Oncology from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, August 7th. Finally, Wall Street Zen raised shares of CG Oncology from a “strong sell” rating to a “sell” rating in a research report on Saturday. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, CG Oncology presently has a consensus rating of “Moderate Buy” and an average price target of $87.50.

Insider Activity

In related news, Director Leonard E. Post sold 1,000 shares of the business’s stock in a transaction 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 transaction, the director directly owned 1,000 shares in the company, valued at $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 available at the SEC website. In the last ninety days, insiders have sold 3,000 shares of company stock valued at $209,580. Insiders own 4.80% of the company’s stock.

CG Oncology News Roundup

Here are the key news stories impacting CG Oncology this week:

• Positive Sentiment: CG Oncology reported a third-quarter loss of $0.64 per share, narrower than analysts’ estimates of about $0.83–$0.86 per share. Zacks earnings report
• Positive Sentiment: Revenue was $1.6 million, above the approximately $0.55 million analysts expected, further supporting the favorable market reaction. CG Oncology Gains on Q3 Results
• Neutral Sentiment: The quarterly loss widened from $0.57 per share a year earlier to $0.64, despite beating current estimates. Investors should weigh that ongoing loss against the earnings and revenue surprises. Zacks earnings report

CG Oncology Company Profile

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.