Cantor Fitzgerald Raises Earnings Estimates for CG Oncology

CG Oncology, Inc. (NASDAQ:CGON) – Analysts at Cantor Fitzgerald lifted their FY2024 earnings estimates for CG Oncology in a research report issued to clients and investors on Wednesday, November 13th. Cantor Fitzgerald analyst J. Schimmer now expects that the company will earn ($1.29) per share for the year, up from their previous estimate of ($1.32). The consensus estimate for CG Oncology’s current full-year earnings is ($1.31) per share.

Several other equities research analysts also recently issued reports on CGON. Royal Bank of Canada started coverage on CG Oncology in a report on Monday, September 23rd. They set an “outperform” rating and a $66.00 price target for the company. UBS Group initiated coverage on shares of CG Oncology in a report on Thursday, October 24th. They issued a “buy” rating and a $60.00 target price for the company. Roth Mkm started coverage on shares of CG Oncology in a research report on Tuesday, August 27th. They set a “buy” rating and a $65.00 price target on the stock. Bank of America reaffirmed a “buy” rating and issued a $65.00 price objective on shares of CG Oncology in a research report on Tuesday, October 8th. Finally, Roth Capital raised shares of CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $63.88.

CG Oncology Price Performance

Shares of CG Oncology stock opened at $32.80 on Monday. CG Oncology has a 52 week low of $25.77 and a 52 week high of $50.23. The business has a 50 day moving average price of $36.54 and a 200-day moving average price of $34.58.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Amalgamated Bank raised its stake in CG Oncology by 107.6% in the 3rd 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 period. Ameritas Investment Partners Inc. bought a new stake in shares of CG Oncology in the first quarter valued at approximately $102,000. California State Teachers Retirement System purchased a new stake in shares of CG Oncology during the 1st quarter valued at approximately $103,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of CG Oncology during the 3rd quarter valued at approximately $241,000. Finally, Profund Advisors LLC bought a new position in CG Oncology in the 2nd quarter worth approximately $300,000. Institutional investors own 26.56% of the company’s stock.

Insider Activity

In other CG Oncology news, Director Hong Fang Song sold 650,455 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $35.36, for a total value of $23,000,088.80. Following the completion of the sale, the director now directly owns 586,982 shares of the company’s stock, valued at $20,755,683.52. This trade represents a 52.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

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.