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

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

Insider Activity

In other news, Director Hong Fang Song sold 650,455 shares of CG Oncology stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $35.36, for a total transaction of $23,000,088.80. Following the sale, the director now owns 586,982 shares in the company, valued at $20,755,683.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Institutional Trading of CG Oncology

A number of institutional investors and hedge funds have recently made changes to their positions in CGON. Amalgamated Bank raised its holdings in shares of CG Oncology by 107.6% during the third quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock valued at $61,000 after buying an additional 840 shares during the last quarter. SG Americas Securities LLC acquired a new stake in CG Oncology in the 3rd quarter valued at approximately $664,000. Deerfield Management Company L.P. Series C boosted its position in CG Oncology by 811.9% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 433,540 shares of the company’s stock worth $13,687,000 after acquiring an additional 386,000 shares during the period. Marshall Wace LLP acquired a new position in CG Oncology during the 2nd quarter worth $2,399,000. Finally, Yu Fan bought a new position in shares of CG Oncology in the second quarter worth $49,828,000. 26.56% of the stock is currently owned by institutional investors and hedge funds.

CG Oncology Stock Down 1.5 %

Shares of NASDAQ:CGON traded down $0.53 on Thursday, reaching $35.79. 251,629 shares of the company’s stock were exchanged, compared to its average volume of 657,844. The business’s 50-day moving average is $36.68 and its two-hundred day moving average is $34.73. CG Oncology has a fifty-two week low of $25.77 and a fifty-two week high of $50.23.

CG Oncology (NASDAQ:CGON) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.14. The business had revenue of $0.11 million for the quarter. Equities analysts anticipate that CG Oncology will post -1.47 EPS for the current year.

Analyst Ratings Changes

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

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.