CG Oncology (NASDAQ:CGON) Releases Earnings Results, Beats Estimates By $0.06 EPS

CG Oncology (NASDAQ:CGON) posted its quarterly earnings data on Tuesday. The company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.06, Briefing.com reports. The firm had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.30 million.

CG Oncology Price Performance

NASDAQ:CGON traded up $0.35 during midday trading on Thursday, hitting $35.50. The company’s stock had a trading volume of 701,800 shares, compared to its average volume of 648,180. CG Oncology has a fifty-two week low of $25.77 and a fifty-two week high of $50.23. The firm’s 50 day moving average is $36.80 and its 200-day moving average is $34.80.

Analysts Set New Price Targets

Several research firms have issued reports on CGON. Bank of America reaffirmed a “buy” rating and issued a $65.00 price target on shares of CG Oncology in a report on Tuesday, October 8th. UBS Group started coverage on CG Oncology in a research note on Thursday, October 24th. They set a “buy” rating and a $60.00 target price on the stock. Royal Bank of Canada initiated coverage on CG Oncology in a research note on Monday, September 23rd. They issued an “outperform” rating and a $66.00 price target for the company. Roth Capital upgraded CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Roth Mkm began coverage on shares of CG Oncology in a report on Tuesday, August 27th. They set a “buy” rating and a $65.00 price objective on the stock. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $63.88.

Insider Activity

In other news, Director Hong Fang Song sold 650,455 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $35.36, for a total value of $23,000,088.80. Following the sale, the director now owns 586,982 shares in the company, valued at $20,755,683.52. This represents a 52.56 % 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.

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.