CG Oncology, Inc. (NASDAQ:CGON) Short Interest Update

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) was the target of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 6,780,000 shares, an increase of 6.4% from the January 15th total of 6,370,000 shares. Based on an average daily volume of 697,900 shares, the days-to-cover ratio is currently 9.7 days. Currently, 15.2% of the shares of the stock are sold short.

Insider Transactions at CG Oncology

In related news, Director Hong Fang Song sold 700,000 shares of the stock in a transaction dated 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 sale, the director now directly owns 3,003,931 shares of the company's stock, valued at approximately $84,110,068. This represents a 18.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Leonard E. Post sold 1,000 shares of the firm's stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $29.66, for a total transaction of $29,660.00. The disclosure for this sale can be found here. Insiders have sold a total of 702,000 shares of company stock valued at $19,664,200 in the last ninety days.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CGON. GF Fund Management CO. LTD. purchased a new position in CG Oncology in the fourth quarter valued at approximately $41,000. Amalgamated Bank raised its holdings in CG Oncology by 107.6% in the third quarter. Amalgamated Bank now owns 1,621 shares of the company's stock valued at $61,000 after buying an additional 840 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in CG Oncology in the fourth quarter valued at approximately $68,000. KLP Kapitalforvaltning AS purchased a new position in CG Oncology in the fourth quarter valued at approximately $100,000. Finally, Federated Hermes Inc. purchased a new stake in shares of CG Oncology during the fourth quarter valued at approximately $172,000. Hedge funds and other institutional investors own 26.56% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on CGON. UBS Group began coverage on shares of CG Oncology in a research note on Thursday, October 24th. They set a "buy" rating and a $60.00 price target on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $66.00 price target on shares of CG Oncology in a research note on Friday, December 6th. HC Wainwright reaffirmed a "buy" rating and set a $75.00 price target on shares of CG Oncology in a research note on Friday, January 10th. Finally, TD Cowen started coverage on shares of CG Oncology in a research note on Tuesday, January 7th. They set a "buy" rating on the stock. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, CG Oncology presently has an average rating of "Buy" and an average target price of $65.14.

CG Oncology Trading Down 1.3 %

NASDAQ CGON traded down $0.37 during mid-day trading on Friday, hitting $27.85. The company's stock had a trading volume of 369,894 shares, compared to its average volume of 554,594. CG Oncology has a 52-week low of $25.77 and a 52-week high of $48.05. The stock's fifty day simple moving average is $29.22 and its two-hundred day simple moving average is $33.42.

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.