CG Oncology (NASDAQ:CGON) Releases Earnings Results, Beats Estimates By $0.19 EPS

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

CG Oncology Trading Up 17.3%

Shares of NASDAQ:CGON traded up $11.19 during trading on Friday, hitting $75.99. 3,661,720 shares of the company’s stock were exchanged, compared to its average volume of 883,081. The firm has a market cap of $6.74 billion, a P/E ratio of -28.25 and a beta of 0.35. The firm has a 50-day moving average price of $68.23 and a two-hundred day moving average price of $66.09. CG Oncology has a 1-year low of $35.80 and a 1-year high of $80.97.

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CGON. Truist Financial boosted their price objective on shares of CG Oncology from $82.00 to $85.00 and gave the stock a “buy” rating in a research 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. Piper Sandler increased their price objective on CG Oncology from $82.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Wall Street Zen raised CG Oncology from a “strong sell” rating to a “sell” rating in a research note on Saturday. Finally, HC Wainwright restated a “buy” rating and set a $100.00 target price on shares of CG Oncology in a research report on Wednesday, July 29th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $87.50.

Insiders Place Their Bets

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

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.