CG Oncology (NASDAQ:CGON) Issues Earnings Results, Beats Expectations By $0.19 EPS

CG Oncology (NASDAQ:CGON) issued its earnings results on Friday. The company reported ($0.64) EPS for the quarter, topping the consensus estimate of ($0.83) by $0.19, FiscalAI reports. The business 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%.

CG Oncology Trading Up 17.3%

Shares of CG Oncology stock opened at $75.99 on Friday. The firm has a market capitalization of $6.74 billion, a PE ratio of -27.53 and a beta of 0.35. CG Oncology has a 12 month low of $35.80 and a 12 month high of $80.97. The business’s 50-day moving average price is $68.23 and its 200-day moving average price is $66.09.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CGON. 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CG Oncology in a report on Thursday, October 15th. Piper Sandler increased their target price on shares of CG Oncology from $82.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Royal Bank Of Canada reduced their target price on CG Oncology from $81.00 to $79.00 and set an “outperform” rating for the company in a research report on Friday, August 7th. Finally, HC Wainwright restated a “buy” rating and issued a $100.00 target price on shares of CG Oncology in a research note on Wednesday, July 29th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.50.

Insiders Place Their Bets

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, October 15th. The stock was 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 $62,060. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 3,000 shares of company stock valued at $209,580. Insiders own 4.80% of the company’s stock.

Trending Headlines about 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

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.