CG Oncology (NASDAQ:CGON) Announces Quarterly Earnings Results

CG Oncology (NASDAQ:CGON) announced its earnings results on Friday. The company reported ($0.64) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.83) by $0.19, FiscalAI reports. The business had revenue of $1.60 million during the quarter, compared to analyst estimates of $0.55 million. CG Oncology had a negative net margin of 3,602.68% and a negative return on equity of 25.20%.

CG Oncology Trading Up 17.3%

Shares of CGON traded up $11.19 during mid-day trading on Friday, reaching $75.99. The company’s stock had a trading volume of 3,661,720 shares, compared to its average volume of 883,081. CG Oncology has a 52 week low of $35.80 and a 52 week high of $80.97. The stock has a market cap of $6.74 billion, a PE ratio of -28.25 and a beta of 0.35. The company’s fifty day moving average price is $68.23 and its two-hundred day moving average price is $66.09.

Key Headlines Impacting CG Oncology

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

Analysts Set New Price Targets

CGON has been the topic of several research reports. HC Wainwright restated a “buy” rating and set a $100.00 price objective on shares of CG Oncology in a research report on Wednesday, July 29th. Truist Financial lifted their price objective 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. Weiss Ratings reiterated a “sell (d-)” rating on shares of CG Oncology in a research report on Thursday, October 15th. Royal Bank Of Canada reduced their target price on CG Oncology from $81.00 to $79.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Finally, Wall Street Zen raised CG Oncology from a “strong sell” rating to a “sell” rating in a research note on Saturday. 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’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.50.

Insider Activity at CG Oncology

In related news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $62.06, for a total transaction of $62,060.00. Following the transaction, the director owned 1,000 shares of the company’s stock, valued at approximately $62,060. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders have sold 3,000 shares of company stock worth $209,580. 4.80% of the stock is currently owned by company insiders.

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.