Short Interest in CG Oncology, Inc. (NASDAQ:CGON) Expands By 15.0%

CG Oncology, Inc. (NASDAQ:CGON) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 6,970,000 shares, an increase of 15.0% from the September 15th total of 6,060,000 shares. Based on an average daily volume of 733,200 shares, the short-interest ratio is currently 9.5 days. Currently, 17.3% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CGON. Bank of America restated a “buy” rating and set a $65.00 price target on shares of CG Oncology in a research note on Tuesday, October 8th. HC Wainwright reissued a “buy” rating and set a $75.00 target price on shares of CG Oncology in a research report on Tuesday, September 17th. Royal Bank of Canada initiated coverage on shares of CG Oncology in a report on Monday, September 23rd. They issued an “outperform” rating and a $66.00 price target for the company. Roth Capital upgraded shares of CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. Finally, Roth Mkm initiated coverage on shares of CG Oncology in a research note on Tuesday, August 27th. They issued a “buy” rating and a $65.00 price objective for the company. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $64.43.

CG Oncology Trading Down 0.4 %

NASDAQ:CGON traded down $0.15 during midday trading on Wednesday, reaching $37.05. 533,031 shares of the stock traded hands, compared to its average volume of 679,099. CG Oncology has a 12-month low of $25.77 and a 12-month high of $50.23. The business has a 50-day moving average of $36.12 and a two-hundred day moving average of $34.91.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.14. The business had revenue of $0.11 million for the quarter. As a group, sell-side analysts anticipate that CG Oncology will post -1.47 earnings per share for the current fiscal year.

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 dated 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 completion of the sale, the director now directly owns 586,982 shares of the company’s stock, valued at $20,755,683.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Institutional Investors Weigh In On CG Oncology

Institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of CG Oncology during the third quarter valued at about $664,000. Deerfield Management Company L.P. Series C grew its position in CG Oncology by 811.9% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 433,540 shares of the company’s stock worth $13,687,000 after purchasing an additional 386,000 shares during the last quarter. Marshall Wace LLP acquired a new position in CG Oncology during the 2nd quarter valued at approximately $2,399,000. Yu Fan purchased a new position in shares of CG Oncology in the second quarter worth $49,828,000. Finally, Profund Advisors LLC purchased a new position in shares of CG Oncology in the second quarter worth $300,000. Institutional investors and hedge funds own 26.56% of the company’s stock.

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.