Short Interest in CG Oncology, Inc. (NASDAQ:CGON) Declines By 6.0%

CG Oncology, Inc. (NASDAQ:CGON) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 5,600,000 shares, a decrease of 6.0% from the October 15th total of 5,960,000 shares. Based on an average trading volume of 638,000 shares, the days-to-cover ratio is currently 8.8 days. Approximately 13.9% of the shares of the stock are short sold.

Analysts Set New Price Targets

Several research firms have issued reports on CGON. UBS Group began coverage on shares of CG Oncology in a report on Thursday, October 24th. They set a “buy” rating and a $60.00 price objective on the stock. Bank of America reaffirmed a “buy” rating and issued a $65.00 price target on shares of CG Oncology in a research note on Tuesday, October 8th. HC Wainwright reiterated a “buy” rating and set a $75.00 price objective on shares of CG Oncology in a research note on Tuesday, November 12th. Roth Capital upgraded CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Royal Bank of Canada assumed coverage on CG Oncology in a research note on Monday, September 23rd. They issued an “outperform” rating and a $66.00 price target on the stock. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $63.88.

Insider Transactions at CG Oncology

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CGON. Amalgamated Bank increased its position in CG Oncology by 107.6% during the third quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock worth $61,000 after purchasing an additional 840 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of CG Oncology in the 1st quarter valued at approximately $102,000. California State Teachers Retirement System acquired a new stake in shares of CG Oncology during the 1st quarter worth approximately $103,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of CG Oncology during the 3rd quarter worth approximately $241,000. Finally, Profund Advisors LLC purchased a new stake in shares of CG Oncology during the 2nd quarter valued at approximately $300,000. Institutional investors and hedge funds own 26.56% of the company’s stock.

CG Oncology Stock Performance

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

CG Oncology (NASDAQ:CGON) last released its quarterly earnings data 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 return on equity of 18.97% and a negative net margin of 10,642.98%. On average, equities analysts expect that CG Oncology will post -1.31 EPS for the current year.

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.