CG Oncology, Inc. (NASDAQ:CGON) Short Interest Up 15.0% in September

CG Oncology, Inc. (NASDAQ:CGON) saw a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 6,970,000 shares, a growth of 15.0% from the September 15th total of 6,060,000 shares. Approximately 17.3% of the shares of the company are short sold. Based on an average daily trading volume, of 733,200 shares, the days-to-cover ratio is presently 9.5 days.

Insiders Place Their Bets

In other news, Director Hong Fang Song sold 650,455 shares of the stock in a transaction 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 sale, the director now owns 586,982 shares in the company, valued at $20,755,683.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Investors Weigh In On CG Oncology

Several large investors have recently bought and sold shares of CGON. Ameritas Investment Partners Inc. purchased a new position in shares of CG Oncology in the first quarter valued at approximately $102,000. California State Teachers Retirement System purchased a new position in CG Oncology in the 1st quarter valued at $103,000. Profund Advisors LLC acquired a new stake in CG Oncology during the 2nd quarter worth $300,000. BNP Paribas Financial Markets purchased a new stake in shares of CG Oncology during the first quarter worth $492,000. Finally, SG Americas Securities LLC acquired a new stake in shares of CG Oncology in the third quarter valued at about $664,000. 26.56% of the stock is currently owned by hedge funds and other institutional investors.

CG Oncology Stock Performance

NASDAQ:CGON traded down $0.15 during trading hours on Wednesday, reaching $37.05. 533,031 shares of the company were exchanged, compared to its average volume of 679,099. CG Oncology has a twelve month low of $25.77 and a twelve month high of $50.23. The stock’s 50-day moving average is $36.12 and its 200-day moving average is $34.91.

CG Oncology (NASDAQ:CGON) last released its 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 company had revenue of $0.11 million for the quarter. As a group, research analysts forecast that CG Oncology will post -1.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CGON has been the subject of several recent research reports. HC Wainwright reiterated a “buy” rating and set a $75.00 price target on shares of CG Oncology in a research report on Tuesday, September 17th. Royal Bank of Canada began coverage on shares of CG Oncology in a research note on Monday, September 23rd. They set an “outperform” rating and a $66.00 price objective on the stock. Bank of America reiterated a “buy” rating and issued a $65.00 target price on shares of CG Oncology in a research note on Tuesday, October 8th. Roth Capital upgraded shares of CG Oncology to a “strong-buy” rating in a research report on Tuesday, August 27th. Finally, Roth Mkm initiated coverage on shares of CG Oncology in a research report on Tuesday, August 27th. They issued a “buy” rating and a $65.00 price objective for the company. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $64.43.

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.