CG Oncology (NASDAQ:CGON) Posts Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Key Points

• CG Oncology (NASDAQ:CGON) reported a quarterly loss of ($0.54) earnings per share, missing the consensus estimate by ($0.05), and recorded a negative net margin of 15,945.17%.
• The stock traded up 2.1% to $24.85 and has a market capitalization of $1.89 billion, with analysts setting a consensus rating of "Moderate Buy" and an average target price of $55.30.
• Significant insider and institutional transactions occurred recently, with Leonard E. Post selling 2,000 shares and institutional investors like AQR Capital Management and UBS increasing their stakes in the company.

CG Oncology (NASDAQ:CGON - Get Free Report) announced its quarterly earnings results on Friday. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.49) by ($0.05), Zacks reports. CG Oncology had a negative return on equity of 19.37% and a negative net margin of 15,945.17%.

CG Oncology Stock Down 2.0%

Shares of NASDAQ:CGON traded down $0.53 during mid-day trading on Thursday, reaching $25.96. 806,420 shares of the stock were exchanged, compared to its average volume of 965,715. The company has a market cap of $1.98 billion, a P/E ratio of -14.67 and a beta of 0.87. CG Oncology has a one year low of $14.80 and a one year high of $40.47. The stock's 50 day simple moving average is $26.19 and its 200-day simple moving average is $25.54.

Insider Activity

In other CG Oncology news, Director Leonard E. Post sold 2,000 shares of the firm's stock in a transaction that occurred on Thursday, July 17th. The stock was sold at an average price of $28.00, for a total value of $56,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.40% of the company's stock.

Hedge Funds Weigh In On CG Oncology

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Alliancebernstein L.P. raised its position in CG Oncology by 15.0% during the second quarter. Alliancebernstein L.P. now owns 2,164,214 shares of the company's stock worth $56,270,000 after acquiring an additional 281,637 shares in the last quarter. Millennium Management LLC raised its position in CG Oncology by 139.4% during the first quarter. Millennium Management LLC now owns 596,056 shares of the company's stock worth $14,597,000 after acquiring an additional 347,055 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in CG Oncology by 42.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 179,363 shares of the company's stock worth $4,393,000 after acquiring an additional 53,461 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in CG Oncology by 98.7% during the second quarter. The Manufacturers Life Insurance Company now owns 153,872 shares of the company's stock worth $4,001,000 after acquiring an additional 76,437 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in CG Oncology during the second quarter worth $2,252,000. 26.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CGON. Royal Bank Of Canada lowered their price target on CG Oncology from $68.00 to $53.00 and set an "outperform" rating for the company in a report on Wednesday, July 16th. Cantor Fitzgerald restated an "overweight" rating and issued a $75.00 price target on shares of CG Oncology in a report on Monday, April 28th. The Goldman Sachs Group upgraded CG Oncology to a "strong-buy" rating and set a $40.00 price target for the company in a report on Thursday, July 10th. Wall Street Zen downgraded CG Oncology from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Finally, HC Wainwright restated a "buy" rating and issued a $75.00 price target on shares of CG Oncology in a report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $55.30.

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.