CG Oncology, Inc. (NASDAQ:CGON) Short Interest Update

CG Oncology, Inc. (NASDAQ:CGON) saw a significant decline in short interest in October. As of October 15th, there was short interest totalling 5,960,000 shares, a decline of 14.5% from the September 30th total of 6,970,000 shares. Based on an average daily volume of 703,100 shares, the days-to-cover ratio is currently 8.5 days. Currently, 14.8% of the shares of the stock are sold short.

Insider Transactions at CG Oncology

In other CG Oncology 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 value of $23,000,088.80. Following the completion of the sale, the director now owns 586,982 shares of the company’s stock, valued at $20,755,683.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On CG Oncology

Institutional investors and hedge funds have recently modified their holdings of the stock. Decheng Capital LLC bought a new stake in CG Oncology in the 1st quarter worth about $239,642,000. Vanguard Group Inc. bought a new stake in CG Oncology in the 1st quarter worth about $97,678,000. BVF Inc. IL bought a new stake in CG Oncology in the 1st quarter worth about $82,716,000. Yu Fan bought a new stake in shares of CG Oncology during the 2nd quarter valued at about $49,828,000. Finally, Janus Henderson Group PLC bought a new stake in shares of CG Oncology during the 1st quarter valued at about $66,757,000. 26.56% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CGON. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a research note on Tuesday, September 17th. Royal Bank of Canada initiated coverage on CG Oncology in a research note on Monday, September 23rd. They set an “outperform” rating and a $66.00 price objective for the company. UBS Group initiated coverage on CG Oncology in a research note on Thursday, October 24th. They set a “buy” rating and a $60.00 price objective for the company. Bank of America reissued a “buy” rating and set a $65.00 price objective on shares of CG Oncology in a research note on Tuesday, October 8th. Finally, Roth Mkm initiated coverage on CG Oncology in a research note on Tuesday, August 27th. They set a “buy” rating and a $65.00 price objective for the company. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $63.88.

CG Oncology Price Performance

CGON traded up $0.12 during trading on Wednesday, reaching $36.31. The stock had a trading volume of 89,484 shares, compared to its average volume of 659,440. The stock’s 50 day moving average is $36.68 and its two-hundred day moving average is $34.71. CG Oncology has a one year low of $25.77 and a one year high of $50.23.

CG Oncology (NASDAQ:CGON) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.14. The firm had revenue of $0.11 million during the quarter. Research analysts predict that CG Oncology will post -1.47 earnings per share for the current fiscal 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.