CG Oncology, Inc. (NASDAQ:CGON) Sees Large Decline in Short Interest

CG Oncology, Inc. (NASDAQ:CGON - Get Free Report) was the recipient of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 5,600,000 shares, a decline of 6.0% from the October 15th total of 5,960,000 shares. Approximately 13.9% of the shares of the company are short sold. Based on an average daily trading volume, of 638,000 shares, the short-interest ratio is presently 8.8 days.

Insider Transactions at CG Oncology

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 stock was sold at an average price of $35.36, for a total value of $23,000,088.80. Following the transaction, the director now owns 586,982 shares of the company's stock, valued at approximately $20,755,683.52. The trade was a 52.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank raised its position in CG Oncology by 107.6% in the 3rd quarter. Amalgamated Bank now owns 1,621 shares of the company's stock valued at $61,000 after purchasing an additional 840 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of CG Oncology in the first quarter valued at about $102,000. California State Teachers Retirement System acquired a new stake in shares of CG Oncology during the 1st quarter worth about $103,000. Rhumbline Advisers raised its holdings in shares of CG Oncology by 13.0% during the 2nd quarter. Rhumbline Advisers now owns 34,229 shares of the company's stock valued at $1,081,000 after buying an additional 3,940 shares during the period. Finally, M&T Bank Corp lifted its stake in CG Oncology by 55.7% during the third quarter. M&T Bank Corp now owns 16,758 shares of the company's stock worth $632,000 after purchasing an additional 5,996 shares during the last quarter. 26.56% of the stock is currently owned by hedge funds and other institutional investors.

CG Oncology Stock Performance

Shares of NASDAQ CGON traded up $0.31 during trading hours on Monday, hitting $33.21. 464,561 shares of the company traded hands, compared to its average volume of 647,807. CG Oncology has a 12 month low of $25.77 and a 12 month high of $50.23. The company's 50 day moving average price is $36.70 and its 200 day moving average price is $34.65.

CG Oncology (NASDAQ:CGON - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.06. CG Oncology had a negative net margin of 10,642.98% and a negative return on equity of 18.97%. The company had revenue of $0.04 million for the quarter, compared to analyst estimates of $0.30 million. Sell-side analysts predict that CG Oncology will post -1.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CGON shares. Bank of America reissued a "buy" rating and issued a $65.00 target price on shares of CG Oncology in a research note on Tuesday, October 8th. UBS Group initiated coverage on CG Oncology in a research report on Thursday, October 24th. They issued a "buy" rating and a $60.00 target price on the stock. Royal Bank of Canada started coverage on shares of CG Oncology in a research note on Monday, September 23rd. They issued an "outperform" rating and a $66.00 price objective on the stock. Roth Capital raised shares of CG Oncology to a "strong-buy" rating in a report on Tuesday, August 27th. Finally, HC Wainwright reiterated a "buy" rating and set a $75.00 price target on shares of CG Oncology in a research note on Tuesday, November 12th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target 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.