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

CG Oncology, Inc. (NASDAQ:CGON) was the recipient of a large increase in short interest during 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. Currently, 15.2% of the company’s shares are sold short. Based on an average daily volume of 697,900 shares, the days-to-cover ratio is presently 9.7 days.

CG Oncology Trading Up 0.1 %

CG Oncology stock traded up $0.02 during midday trading on Monday, reaching $28.52. The company’s stock had a trading volume of 398,759 shares, compared to its average volume of 584,547. The stock’s 50-day simple moving average is $29.44 and its 200-day simple moving average is $33.54. CG Oncology has a 52-week low of $25.77 and a 52-week high of $50.23.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of CG Oncology in a research report on Friday, December 6th. TD Cowen began coverage on CG Oncology in a research report on Tuesday, January 7th. They set a “buy” rating on the stock. HC Wainwright reissued a “buy” rating and set a $75.00 price target on shares of CG Oncology in a research report on Friday, January 10th. Finally, UBS Group assumed coverage on CG Oncology in a research note on Thursday, October 24th. They set a “buy” rating and a $60.00 price objective for the company. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, CG Oncology has a consensus rating of “Buy” and a consensus target price of $63.88.

Insider Activity

In other CG Oncology news, Director Hong Fang Song sold 700,000 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $28.00, for a total value of $19,600,000.00. Following the transaction, the director now owns 3,003,931 shares of the company’s stock, valued at $84,110,068. This represents a 18.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Leonard E. Post sold 1,000 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $34.54, for a total value of $34,540.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 702,000 shares of company stock valued at $19,664,200.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Amalgamated Bank lifted its holdings in shares of CG Oncology by 107.6% during the third quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock worth $61,000 after purchasing an additional 840 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of CG Oncology during the fourth quarter worth about $68,000. KLP Kapitalforvaltning AS acquired a new stake in shares of CG Oncology during the fourth quarter worth about $100,000. Federated Hermes Inc. acquired a new stake in shares of CG Oncology during the fourth quarter worth about $172,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of CG Oncology during the fourth quarter worth about $189,000. 26.56% of the stock is currently owned by hedge funds and other institutional investors.

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.