CG Oncology (NASDAQ:CGON) Shares Gap Down Following Weak Earnings

Shares of CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $25.16, but opened at $24.21. CG Oncology shares last traded at $24.95, with a volume of 42,738 shares traded.

The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.09). CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. The firm had revenue of $0.05 million for the quarter, compared to analyst estimates of $0.53 million.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Scotiabank assumed coverage on CG Oncology in a research report on Wednesday, April 16th. They issued a "sector perform" rating and a $23.00 price target on the stock. HC Wainwright reissued a "buy" rating and set a $75.00 target price on shares of CG Oncology in a research report on Monday, April 28th. Morgan Stanley reissued an "overweight" rating and set a $55.00 target price on shares of CG Oncology in a research report on Friday, March 7th. Cantor Fitzgerald reissued an "overweight" rating and set a $75.00 target price on shares of CG Oncology in a research report on Monday, April 28th. Finally, Royal Bank of Canada raised their price target on CG Oncology from $66.00 to $68.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $58.56.

Insider Activity at CG Oncology

In related news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction that occurred on Monday, April 28th. The stock was sold at an average price of $30.76, for a total value of $30,760.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 7.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CGON. JPMorgan Chase & Co. boosted its position in CG Oncology by 59.1% during the third quarter. JPMorgan Chase & Co. now owns 31,071 shares of the company's stock worth $1,172,000 after purchasing an additional 11,542 shares in the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in CG Oncology during the fourth quarter worth $411,000. Vanguard Group Inc. boosted its position in CG Oncology by 15.3% during the fourth quarter. Vanguard Group Inc. now owns 5,861,082 shares of the company's stock worth $168,096,000 after purchasing an additional 779,730 shares in the last quarter. Barclays PLC boosted its position in CG Oncology by 331.1% during the third quarter. Barclays PLC now owns 90,520 shares of the company's stock worth $3,416,000 after purchasing an additional 69,523 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its position in CG Oncology by 16.7% during the fourth quarter. New York State Common Retirement Fund now owns 13,996 shares of the company's stock worth $401,000 after purchasing an additional 2,000 shares in the last quarter. 26.56% of the stock is owned by hedge funds and other institutional investors.

CG Oncology Price Performance

The stock has a 50-day simple moving average of $23.41 and a 200 day simple moving average of $28.25. The company has a market capitalization of $1.93 billion, a PE ratio of -16.76 and a beta of 1.08.

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.