CG Oncology, Inc. (NASDAQ:CGON) Sees Significant Drop in Short Interest

CG Oncology, Inc. (NASDAQ:CGON) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 6,200,000 shares, a drop of 11.2% from the August 15th total of 6,980,000 shares. Based on an average trading volume of 563,500 shares, the short-interest ratio is presently 11.0 days. Approximately 15.4% of the company’s shares are short sold.

CG Oncology Stock Performance

NASDAQ CGON traded up $0.08 on Wednesday, reaching $37.83. The stock had a trading volume of 65,746 shares, compared to its average volume of 640,681. The firm has a fifty day moving average of $35.04 and a two-hundred day moving average of $35.36. CG Oncology has a 1-year low of $25.77 and a 1-year high of $50.23.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.14. The firm had revenue of $0.11 million during the quarter. On average, equities analysts forecast that CG Oncology will post -1.47 EPS for the current year.

Insider Transactions at CG Oncology

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 value of $23,000,088.80. Following the transaction, the director now directly owns 586,982 shares of the company’s stock, valued at $20,755,683.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Institutional Trading of CG Oncology

A number of institutional investors have recently modified their holdings of CGON. Ameritas Investment Partners Inc. bought a new stake in shares of CG Oncology during the 1st quarter worth $102,000. California State Teachers Retirement System bought a new stake in shares of CG Oncology during the 1st quarter worth $103,000. Profund Advisors LLC bought a new stake in shares of CG Oncology during the 2nd quarter worth $300,000. BNP Paribas Financial Markets bought a new stake in shares of CG Oncology during the 1st quarter worth $492,000. Finally, Capstone Investment Advisors LLC bought a new position in CG Oncology in the first quarter valued at about $806,000. 26.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CGON has been the subject of a number of research reports. Roth Mkm initiated coverage on CG Oncology in a research report on Tuesday, August 27th. They set a “buy” rating and a $65.00 price objective for the company. Roth Capital raised CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. HC Wainwright reaffirmed a “buy” rating and issued a $75.00 price target on shares of CG Oncology in a research report on Tuesday. Finally, Bank of America initiated coverage on CG Oncology in a research report on Friday, June 28th. They issued a “buy” rating and a $65.00 price target for the company. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $64.17.

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.