CG Oncology (NASDAQ:CGON) Trading Up 5.6% After Earnings Beat

CG Oncology, Inc. (NASDAQ:CGON) shares rose 5.6% during trading on Friday following a better than expected earnings announcement. The company traded as high as $58.70 and last traded at $59.2330. Approximately 112,813 shares were traded during trading, a decline of 90% from the average daily volume of 1,149,881 shares. The stock had previously closed at $56.11.

The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.61) by $0.10. The firm had revenue of $2.32 million for the quarter.

Analysts Set New Price Targets

CGON has been the topic of several research analyst reports. Wedbush began coverage on CG Oncology in a research report on Thursday, December 11th. They issued an “outperform” rating and a $70.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of CG Oncology in a report on Wednesday, January 21st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $82.00 price objective on shares of CG Oncology in a report on Monday, January 12th. Truist Financial upped their price objective on CG Oncology from $66.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, February 10th. Finally, Piper Sandler raised their target price on shares of CG Oncology from $55.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, January 16th. Eleven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.00.

Insider Activity at CG Oncology

In other news, Director James Mulay sold 11,145 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $52.47, for a total transaction of $584,778.15. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 7.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of CG Oncology during the 4th quarter worth about $27,000. Winthrop Capital Management LLC bought a new position in shares of CG Oncology during the second quarter valued at approximately $38,000. Strengthening Families & Communities LLC purchased a new stake in shares of CG Oncology in the third quarter worth approximately $40,000. Comerica Bank lifted its stake in shares of CG Oncology by 100.4% during the 4th quarter. Comerica Bank now owns 1,028 shares of the company’s stock worth $43,000 after acquiring an additional 515 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in CG Oncology by 15.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,279 shares of the company’s stock valued at $85,000 after acquiring an additional 433 shares during the last quarter. 26.56% of the stock is owned by hedge funds and other institutional investors.

CG Oncology Stock Up 4.8%

The business has a 50 day simple moving average of $50.42 and a two-hundred day simple moving average of $42.20. The firm has a market cap of $4.74 billion, a PE ratio of -28.41 and a beta of 1.32.

CG Oncology Company Profile

CG Oncology, Inc (NASDAQ: CGON) is a clinical-stage biopharmaceutical company focused on the discovery and development of novel antibody-based immunotherapies for the treatment of solid tumor cancers. The company leverages a platform-driven approach to identify and optimize antibody candidates that engage key immune checkpoints and co-stimulatory pathways within the tumor microenvironment. Its pipeline encompasses multiple preclinical programs alongside early-phase clinical trials designed to assess safety, dosing and preliminary anti-tumor activity.

Headquartered in South San Francisco, California, CG Oncology conducts clinical research primarily in the United States, collaborating with leading academic medical centers and contract research organizations to advance its lead candidates.