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

CG Oncology, Inc. (NASDAQ:CGON) was the target of a large decline in short interest in 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. Approximately 15.4% of the shares of the company are sold short. Based on an average daily volume of 563,500 shares, the days-to-cover ratio is currently 11.0 days.

CG Oncology Stock Up 1.6 %

NASDAQ:CGON traded up $0.59 on Tuesday, hitting $37.59. The stock had a trading volume of 409,046 shares, compared to its average volume of 641,894. CG Oncology has a 52 week low of $25.77 and a 52 week high of $50.23. The business’s fifty day moving average is $34.93 and its 200 day moving average is $35.40.

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

Insiders Place Their Bets

In related news, Director Hong Fang Song sold 650,455 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was 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 $20,755,683.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Institutional Trading of CG Oncology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. bought a new stake 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 in the 1st quarter worth $103,000. Profund Advisors LLC purchased a new position in shares of CG Oncology during the second quarter worth approximately $300,000. BNP Paribas Financial Markets purchased a new stake in CG Oncology during the first quarter valued at about $492,000. Finally, Capstone Investment Advisors LLC purchased a new stake in CG Oncology during the 1st quarter valued at about $806,000. 26.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CGON has been the topic of several recent analyst reports. Roth Capital upgraded CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. HC Wainwright reiterated a “buy” rating and issued a $75.00 target price on shares of CG Oncology in a research report on Tuesday. Roth Mkm assumed coverage on shares of CG Oncology in a report on Tuesday, August 27th. They issued a “buy” rating and a $65.00 target price for the company. Finally, Bank of America initiated 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 on the stock. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, CG Oncology presently has a consensus rating of “Buy” and an average target price of $64.17.

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.