CG Oncology (NASDAQ:CGON) Shares Gap Down on Disappointing Earnings

CG Oncology, Inc. (NASDAQ:CGON)’s share price 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.

The company reported ($0.45) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.09). CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CGON. JPMorgan Chase & Co. initiated coverage on shares of CG Oncology in a report on Friday, May 2nd. They issued an “overweight” rating and a $41.00 target price on the stock. Morgan Stanley reissued an “overweight” rating and set a $55.00 price objective on shares of CG Oncology in a research note on Friday, March 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $75.00 price objective on shares of CG Oncology in a research note on Monday, April 28th. HC Wainwright reiterated a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a report on Monday, April 28th. Finally, Scotiabank began coverage on CG Oncology in a report on Wednesday, April 16th. They set a “sector perform” rating and a $23.00 price target on the stock. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $58.56.

Insider Buying and Selling at CG Oncology

In other news, Director Leonard E. Post sold 1,000 shares of the 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On CG Oncology

Large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its position in CG Oncology by 59.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 31,071 shares of the company’s stock valued at $1,172,000 after acquiring an additional 11,542 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in shares of CG Oncology during the fourth quarter valued at $411,000. Vanguard Group Inc. grew its holdings in shares of CG Oncology by 15.3% in 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 during the last quarter. Barclays PLC grew its holdings in shares of CG Oncology by 331.1% in 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 during the last quarter. Finally, New York State Common Retirement Fund increased its stake in CG Oncology by 16.7% in the 4th quarter. New York State Common Retirement Fund now owns 13,996 shares of the company’s stock worth $401,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 26.56% of the company’s stock.

CG Oncology Stock Performance

The business’s fifty day moving average is $23.48 and its two-hundred day moving average is $28.36. The company has a market cap of $1.84 billion, a P/E ratio of -17.03 and a beta of 1.08.

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.