CG Oncology, Inc. (NASDAQ:CGON) Short Interest Down 14.5% in October

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) was the recipient of a significant decline in short interest in October. As of October 15th, there was short interest totalling 5,960,000 shares, a decline of 14.5% from the September 30th total of 6,970,000 shares. Based on an average trading volume of 703,100 shares, the days-to-cover ratio is currently 8.5 days. Currently, 14.8% of the company's stock are short sold.

CG Oncology Stock Performance

NASDAQ:CGON traded down $1.10 during trading hours on Tuesday, reaching $36.19. The stock had a trading volume of 190,716 shares, compared to its average volume of 662,409. The stock has a 50 day simple moving average of $36.68 and a 200 day simple moving average of $34.71. CG Oncology has a 12-month low of $25.77 and a 12-month high of $50.23.

CG Oncology (NASDAQ:CGON - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.42) by $0.14. The firm had revenue of $0.11 million during the quarter. On average, analysts expect that CG Oncology will post -1.47 earnings per share for the current year.

Insider Activity

In other CG Oncology news, Director Hong Fang Song sold 650,455 shares of the business's stock in a transaction on 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 completion of the sale, the director now owns 586,982 shares in the company, valued at approximately $20,755,683.52. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Institutional Trading of CG Oncology

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

Analyst Ratings Changes

A number of research firms have recently weighed in on CGON. UBS Group initiated coverage on CG Oncology in a report on Thursday, October 24th. They issued a "buy" rating and a $60.00 target price on the stock. Roth Capital raised shares of CG Oncology to a "strong-buy" rating in a report on Tuesday, August 27th. Roth Mkm began coverage on shares of CG Oncology in a report on Tuesday, August 27th. They set a "buy" rating and a $65.00 price target on the stock. Bank of America reiterated a "buy" rating and issued a $65.00 price objective on shares of CG Oncology in a research note on Tuesday, October 8th. Finally, HC Wainwright restated a "buy" rating and issued a $75.00 target price on shares of CG Oncology in a research note on Tuesday, September 17th. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $63.88.

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.