CG Oncology (NASDAQ:CGON) Issues Quarterly Earnings Results, Meets Expectations

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

CG Oncology Trading Up 8.6%

Shares of NASDAQ:CGON traded up $3.25 on Friday, hitting $41.01. The company had a trading volume of 1,408,475 shares, compared to its average volume of 990,057. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of -23.17 and a beta of 1.32. The stock has a 50 day moving average price of $39.39 and a 200 day moving average price of $30.75. CG Oncology has a 1-year low of $14.80 and a 1-year high of $45.56.

Wall Street Analysts Forecast Growth

CGON has been the topic of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a research report on Monday, September 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of CG Oncology in a research note on Wednesday, October 8th. Morgan Stanley upped their price target on shares of CG Oncology from $56.00 to $79.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 17th. Wall Street Zen raised shares of CG Oncology from a “sell” rating to a “hold” rating in a research report on Friday, October 3rd. Finally, Jones Trading started coverage on shares of CG Oncology in a report on Monday, September 8th. They issued a “buy” rating and a $50.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, CG Oncology has a consensus rating of “Moderate Buy” and a consensus price target of $58.70.

Insider Activity at CG Oncology

In other news, Director Hong Fang Song sold 100,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director owned 2,903,931 shares in the company, valued at $80,729,281.80. The trade was a 3.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Leonard E. Post sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $40.09, for a total value of $200,450.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 174,359 shares of company stock worth $5,511,784. 7.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in shares of CG Oncology by 190.3% during the 3rd quarter. Wellington Management Group LLP now owns 5,512,779 shares of the company’s stock valued at $222,055,000 after purchasing an additional 3,613,885 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of CG Oncology by 409.9% during the second quarter. Bank of America Corp DE now owns 1,736,769 shares of the company’s stock worth $45,156,000 after purchasing an additional 1,396,170 shares during the last quarter. Millennium Management LLC boosted its position in CG Oncology by 139.4% during the 1st quarter. Millennium Management LLC now owns 596,056 shares of the company’s stock worth $14,597,000 after buying an additional 347,055 shares during the period. Alliancebernstein L.P. increased its position in CG Oncology by 15.0% in the 2nd quarter. Alliancebernstein L.P. now owns 2,164,214 shares of the company’s stock valued at $56,270,000 after acquiring an additional 281,637 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of CG Oncology by 74.5% in the third quarter. Dimensional Fund Advisors LP now owns 452,351 shares of the company’s stock worth $18,221,000 after purchasing an additional 193,140 shares during the last quarter. 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.