Short Interest in CG Oncology, Inc. (NASDAQ:CGON) Drops By 11.2%

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. HC Wainwright reissued a “buy” rating and issued a $75.00 price target on shares of CG Oncology in a research note on Tuesday. Bank of America initiated coverage on CG Oncology in a research note on Friday, June 28th. They issued a “buy” rating and a $65.00 price target for the company. Roth Capital raised CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. 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 target price for the company. Six investment 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 has a consensus rating of “Buy” and an average price target of $64.17.

CG Oncology Stock Up 0.2 %

NASDAQ:CGON traded up $0.08 on Wednesday, hitting $37.83. The stock had a trading volume of 65,746 shares, compared to its average volume of 640,681. The business’s fifty day moving average is $35.04 and its 200 day moving average is $35.36. CG Oncology has a 52 week low of $25.77 and a 52 week high of $50.23.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.14. The business had revenue of $0.11 million for the quarter. As a group, research analysts forecast that CG Oncology will post -1.47 EPS for the current fiscal year.

Insider Activity

In other news, Director Hong Fang Song sold 650,455 shares of the stock in a transaction dated 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. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Institutional Trading of CG Oncology

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

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.