CG Oncology (NASDAQ:CGON) Stock Price Up 5.6% After Strong Earnings

CG Oncology, Inc. (NASDAQ:CGON) shot up 5.6% on Friday following a stronger than expected earnings report. The company traded as high as $58.70 and last traded at $59.2330. 112,813 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 1,149,881 shares. The stock had previously closed at $56.11.

The company reported ($0.51) EPS for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.10. The company had revenue of $2.32 million during the quarter.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CGON. The Goldman Sachs Group reaffirmed a “buy” rating and set a $82.00 price objective on shares of CG Oncology in a research report on Monday, January 12th. Piper Sandler increased their price objective on shares of CG Oncology from $55.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. HC Wainwright lifted their target price on shares of CG Oncology from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Friday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of CG Oncology in a report on Wednesday, January 21st. Finally, Wedbush initiated coverage on CG Oncology in a report on Thursday, December 11th. They set an “outperform” rating and a $70.00 price target on the stock. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, CG Oncology presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.00.

Insider Buying and Selling at CG Oncology

In related news, Director James Mulay sold 11,145 shares of the firm’s stock in a transaction on Friday, January 9th. The shares were sold at an average price of $52.47, for a total value of $584,778.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.40% of the company’s stock.

Hedge Funds Weigh In On CG Oncology

Institutional investors have recently bought and sold shares of the business. Candriam S.C.A. increased its position in CG Oncology by 35.9% during the third quarter. Candriam S.C.A. now owns 1,037,892 shares of the company’s stock valued at $41,806,000 after acquiring an additional 274,312 shares during the last quarter. Voya Investment Management LLC boosted its stake in shares of CG Oncology by 217.6% during the 3rd quarter. Voya Investment Management LLC now owns 47,986 shares of the company’s stock worth $1,933,000 after purchasing an additional 32,877 shares during the period. CWM LLC grew its holdings in CG Oncology by 193.5% during the 2nd quarter. CWM LLC now owns 6,193 shares of the company’s stock valued at $161,000 after purchasing an additional 4,083 shares during the last quarter. Tejara Capital Ltd purchased a new stake in CG Oncology in the 2nd quarter worth about $944,000. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in CG Oncology in the 2nd quarter worth about $676,000. Institutional investors own 26.56% of the company’s stock.

CG Oncology Stock Up 4.8%

The company’s 50 day simple moving average is $50.42 and its 200-day simple moving average is $42.08. The firm has a market cap of $4.74 billion, a P/E ratio of -28.82 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.