CG Oncology, Inc. (NASDAQ:CGON) Sees Large Decrease in Short Interest

CG Oncology, Inc. (NASDAQ:CGON) was the recipient of a significant drop in short interest in December. As of December 15th, there was short interest totalling 4,990,000 shares, a drop of 5.3% from the November 30th total of 5,270,000 shares. Currently, 11.9% of the company’s stock are short sold. Based on an average trading volume of 590,900 shares, the days-to-cover ratio is presently 8.4 days.

CG Oncology Trading Up 0.6 %

Shares of NASDAQ:CGON traded up $0.18 during trading on Wednesday, reaching $28.68. The company had a trading volume of 524,659 shares, compared to its average volume of 671,502. The stock’s fifty day moving average price is $33.44 and its 200 day moving average price is $34.39. 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 announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.06. The company had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.30 million. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. Equities analysts anticipate that CG Oncology will post -1.32 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on CGON shares. Bank of America reaffirmed a “buy” rating and issued a $65.00 target price on shares of CG Oncology in a research report on Tuesday, October 8th. HC Wainwright reissued a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a report on Friday, December 6th. Royal Bank of Canada restated an “outperform” rating and set a $66.00 price target on shares of CG Oncology in a research note on Friday, December 6th. Finally, 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 objective for the company. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $63.88.

Insider Activity at CG Oncology

In related news, Director Hong Fang Song sold 700,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $28.00, for a total value of $19,600,000.00. Following the completion of the transaction, the director now directly owns 3,003,931 shares of the company’s stock, valued at $84,110,068. This represents a 18.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $34.54, for a total transaction of $34,540.00. The disclosure for this sale can be found here.

Institutional Investors Weigh In On CG Oncology

Hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank raised its position in CG Oncology by 107.6% in the third quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock worth $61,000 after acquiring an additional 840 shares in the last quarter. Rhumbline Advisers grew its stake in shares of CG Oncology by 13.0% during the 2nd quarter. Rhumbline Advisers now owns 34,229 shares of the company’s stock worth $1,081,000 after purchasing an additional 3,940 shares during the period. M&T Bank Corp increased its holdings in shares of CG Oncology by 55.7% in the 3rd quarter. M&T Bank Corp now owns 16,758 shares of the company’s stock valued at $632,000 after purchasing an additional 5,996 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of CG Oncology in the third quarter valued at about $241,000. Finally, Massachusetts Financial Services Co. MA boosted its holdings in CG Oncology by 2.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 266,787 shares of the company’s stock worth $8,422,000 after buying an additional 6,899 shares in the last quarter. Institutional investors and hedge funds own 26.56% of the company’s stock.

About CG Oncology

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.