Cantor Fitzgerald Forecasts Higher Earnings for CG Oncology

CG Oncology, Inc. (NASDAQ:CGON) – Research analysts at Cantor Fitzgerald increased their FY2024 EPS estimates for shares of CG Oncology in a research note issued on Wednesday, November 13th. Cantor Fitzgerald analyst J. Schimmer now expects that the company will post earnings per share of ($1.29) for the year, up from their previous forecast of ($1.32). The consensus estimate for CG Oncology’s current full-year earnings is ($1.31) per share.

CG Oncology (NASDAQ:CGON) last issued its earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.06. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. The business had revenue of $0.04 million for the quarter, compared to analyst estimates of $0.30 million.

CGON has been the topic of several other research reports. Roth Capital upgraded CG Oncology to a “strong-buy” rating in a report on Tuesday, August 27th. Roth Mkm began coverage on CG Oncology in a report on Tuesday, August 27th. They issued a “buy” rating and a $65.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $75.00 price target on shares of CG Oncology in a research note on Tuesday, November 12th. Bank of America restated a “buy” rating and set a $65.00 price objective on shares of CG Oncology in a report on Tuesday, October 8th. Finally, UBS Group assumed coverage on shares of CG Oncology in a report on Thursday, October 24th. They set a “buy” rating and a $60.00 price objective for the company. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, CG Oncology currently has a consensus rating of “Buy” and an average price target of $63.88.

CG Oncology Price Performance

CGON stock opened at $32.90 on Monday. CG Oncology has a 1 year low of $25.77 and a 1 year high of $50.23. The company’s 50-day moving average is $36.70 and its 200-day moving average is $34.65.

Insider Transactions at CG Oncology

In related news, Director Hong Fang Song sold 650,455 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $35.36, for a total value of $23,000,088.80. Following the transaction, the director now directly owns 586,982 shares of the company’s stock, valued at approximately $20,755,683.52. The trade was a 52.56 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Institutional Trading of CG Oncology

Several hedge funds have recently added to or reduced their stakes in CGON. Amalgamated Bank boosted its stake in CG Oncology by 107.6% in the third quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock valued at $61,000 after acquiring an additional 840 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in CG Oncology during the first quarter valued at $102,000. California State Teachers Retirement System bought a new position in CG Oncology during the first quarter valued at $103,000. Rhumbline Advisers increased its position in CG Oncology by 13.0% in the second quarter. Rhumbline Advisers now owns 34,229 shares of the company’s stock worth $1,081,000 after buying an additional 3,940 shares during the last quarter. Finally, M&T Bank Corp raised its stake in shares of CG Oncology by 55.7% in the third quarter. M&T Bank Corp now owns 16,758 shares of the company’s stock valued at $632,000 after buying an additional 5,996 shares during the period. Institutional investors own 26.56% of the company’s stock.

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.