CG Oncology, Inc. (NASDAQ:CGON) Short Interest Down 11.2% in August

CG Oncology, Inc. (NASDAQ:CGON) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 6,200,000 shares, a decline 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 presently 11.0 days. Approximately 15.4% of the company’s shares are sold short.

Insider Activity

In other news, Director Hong Fang Song sold 650,455 shares of CG Oncology stock in a transaction dated 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 of the company’s stock, valued at approximately $20,755,683.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Trading of CG Oncology

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

CG Oncology Price Performance

NASDAQ:CGON traded up $0.59 on Tuesday, reaching $37.59. 409,046 shares of the company’s stock traded hands, compared to its average volume of 641,894. The stock has a 50-day simple moving average of $34.93 and a 200-day simple moving average of $35.40. CG Oncology has a 12 month low of $25.77 and a 12 month high of $50.23.

CG Oncology (NASDAQ:CGON) last posted its earnings results 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 for the quarter. As a group, analysts forecast that CG Oncology will post -1.47 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CGON shares. Roth Mkm assumed coverage on CG Oncology in a report on Tuesday, August 27th. They issued a “buy” rating and a $65.00 target price for the company. Bank of America began coverage on shares of 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 shares of CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, HC Wainwright reissued a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a report on Tuesday. Six 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 currently has a consensus rating of “Buy” and an average target price 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.