CG Oncology (NASDAQ:CGON) Announces Earnings Results, Meets Estimates

CG Oncology (NASDAQ:CGON) posted its quarterly earnings results on Friday. The company reported ($0.57) earnings per share for the quarter, hitting the consensus estimate of ($0.57), Zacks reports. The company had revenue of $1.51 million for the quarter, compared to the consensus estimate of $0.07 million. CG Oncology had a negative return on equity of 19.37% and a negative net margin of 15,945.17%.

CG Oncology Trading Up 8.6%

CGON stock traded up $3.25 during midday trading on Friday, reaching $41.01. 1,408,475 shares of the company traded hands, compared to its average volume of 888,180. CG Oncology has a 52-week low of $14.80 and a 52-week high of $45.56. The business has a 50 day moving average of $39.54 and a 200-day moving average of $30.84.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Jones Trading started coverage on CG Oncology in a research note on Monday, September 8th. They issued a “buy” rating and a $50.00 price objective for the company. HC Wainwright reissued a “buy” rating and set a $75.00 price target on shares of CG Oncology in a report on Monday, September 15th. Guggenheim began coverage on CG Oncology in a research report on Tuesday, October 7th. They issued a “buy” rating and a $90.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of CG Oncology in a research report on Wednesday, October 8th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $75.00 target price on shares of CG Oncology in a research report on Monday, September 8th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $58.70.

Insider Buying and Selling

In related news, Director Hong Fang Song sold 100,000 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $27.80, for a total transaction of $2,780,000.00. Following the sale, the director owned 2,903,931 shares in the company, valued at approximately $80,729,281.80. This represents a 3.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director James Mulay sold 27,015 shares of CG Oncology stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $31.53, for a total transaction of $851,782.95. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 174,359 shares of company stock worth $5,511,784. 7.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. raised its holdings in shares of CG Oncology by 1,180.1% in the third quarter. Russell Investments Group Ltd. now owns 6,119 shares of the company’s stock valued at $246,000 after acquiring an additional 5,641 shares in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of CG Oncology by 159.2% during the second quarter. Tower Research Capital LLC TRC now owns 6,982 shares of the company’s stock worth $182,000 after acquiring an additional 4,288 shares during the last quarter. Raymond James Financial Inc. raised its holdings in shares of CG Oncology by 2,332.7% in the third quarter. Raymond James Financial Inc. now owns 7,298 shares of the company’s stock worth $294,000 after buying an additional 6,998 shares during the last quarter. Sei Investments Co. purchased a new stake in CG Oncology during the 2nd quarter valued at about $209,000. Finally, Man Group plc acquired a new position in CG Oncology in the 2nd quarter worth approximately $224,000. Institutional investors own 26.56% of the company’s stock.

CG Oncology Company 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.