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

CG Oncology, Inc. (NASDAQ:CGON) saw a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 6,780,000 shares, a growth of 6.4% from the January 15th total of 6,370,000 shares. Approximately 15.2% of the shares of the company are short sold. Based on an average trading volume of 697,900 shares, the days-to-cover ratio is currently 9.7 days.

Wall Street Analyst Weigh In

CGON has been the subject of a number of recent analyst reports. TD Cowen initiated coverage on CG Oncology in a research report on Tuesday, January 7th. They issued a “buy” rating for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $66.00 price target on shares of CG Oncology in a research report on Friday, December 6th. UBS Group initiated coverage on CG Oncology in a research report on Thursday, October 24th. They set a “buy” rating and a $60.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $75.00 price target on shares of CG Oncology in a research report on Friday, January 10th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $63.88.

CG Oncology Stock Performance

Shares of CG Oncology stock traded up $0.02 during trading hours on Monday, hitting $28.52. The company’s stock had a trading volume of 398,759 shares, compared to its average volume of 584,547. CG Oncology has a twelve month low of $25.77 and a twelve month high of $50.23. The firm has a fifty day moving average of $29.44 and a 200-day moving average of $33.54.

Insider Buying and Selling at CG Oncology

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of the business’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 value of $34,540.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Hong Fang Song sold 700,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $28.00, for a total value of $19,600,000.00. Following the completion of the sale, the director now owns 3,003,931 shares of the company’s stock, valued at $84,110,068. This trade represents a 18.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 702,000 shares of company stock valued at $19,664,200.

Hedge Funds Weigh In On CG Oncology

Large investors have recently modified their holdings of the business. Amalgamated Bank lifted its stake in shares of CG Oncology by 107.6% in the 3rd quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock valued at $61,000 after purchasing an additional 840 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in CG Oncology during the 4th quarter worth about $68,000. KLP Kapitalforvaltning AS acquired a new position in CG Oncology during the 4th quarter worth about $100,000. Federated Hermes Inc. acquired a new position in CG Oncology during the 4th quarter worth about $172,000. Finally, Meeder Asset Management Inc. acquired a new position in CG Oncology during the 4th quarter worth about $189,000. Institutional investors and hedge funds own 26.56% of the company’s stock.

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.