CG Oncology (NASDAQ:CGON) Announces Earnings Results

CG Oncology (NASDAQ:CGON) issued its earnings results on Tuesday. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.06, Briefing.com reports. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. The business had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $0.30 million.

CG Oncology Stock Performance

NASDAQ:CGON opened at $34.99 on Friday. The company has a fifty day simple moving average of $36.80 and a two-hundred day simple moving average of $34.80. CG Oncology has a 52 week low of $25.77 and a 52 week high of $50.23.

Insider Buying and Selling

In other news, Director Hong Fang Song sold 650,455 shares of CG Oncology stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $35.36, for a total transaction of $23,000,088.80. Following the completion of the sale, the director now directly owns 586,982 shares of the company’s stock, valued at approximately $20,755,683.52. The trade was a 52.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CGON shares. Roth Capital raised CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. Royal Bank of Canada started coverage on shares of CG Oncology in a research report on Monday, September 23rd. They set an “outperform” rating and a $66.00 price target for the company. Bank of America restated a “buy” rating and issued a $65.00 price objective on shares of CG Oncology in a report on Tuesday, October 8th. HC Wainwright reiterated a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a report on Tuesday. Finally, UBS Group began coverage on CG Oncology in a research report on Thursday, October 24th. They issued a “buy” rating and a $60.00 target price on the stock. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $63.88.

About CG Oncology

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.