CG Oncology, Inc. (NASDAQ:CGON) Sees Significant Drop in Short Interest

CG Oncology, Inc. (NASDAQ:CGON) was the target of a large decrease in short interest in December. As of December 15th, there was short interest totalling 4,990,000 shares, a decrease of 5.3% from the November 30th total of 5,270,000 shares. Based on an average daily volume of 590,900 shares, the days-to-cover ratio is presently 8.4 days. Currently, 11.9% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CGON. Bank of America restated 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 assumed coverage on CG Oncology in a research report on Thursday, October 24th. They issued a “buy” rating and a $60.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $66.00 price target on shares of CG Oncology in a research note on Friday, December 6th. Finally, HC Wainwright restated a “buy” rating and set a $75.00 price objective on shares of CG Oncology in a research note on Friday, December 6th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $63.88.

Insiders Place Their Bets

In other CG Oncology news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $34.54, for a total value of $34,540.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $19,600,000.00. Following the completion of the transaction, the director now owns 3,003,931 shares of the company’s stock, valued at $84,110,068. This trade represents a 18.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Hedge Funds Weigh In On CG Oncology

Several large investors have recently added to or reduced their stakes in CGON. Bank of New York Mellon Corp lifted its stake in shares of CG Oncology by 38.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 89,344 shares of the company’s stock valued at $2,821,000 after buying an additional 24,801 shares in the last quarter. Rhumbline Advisers grew its holdings in 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 in the last quarter. TD Asset Management Inc bought a new stake in shares of CG Oncology during the second quarter valued at approximately $2,939,000. Massachusetts Financial Services Co. MA grew its stake in CG Oncology by 2.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 266,787 shares of the company’s stock valued at $8,422,000 after acquiring an additional 6,899 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of CG Oncology by 204.2% in the second quarter. Renaissance Technologies LLC now owns 43,200 shares of the company’s stock valued at $1,364,000 after purchasing an additional 29,000 shares in the last quarter. Hedge funds and other institutional investors own 26.56% of the company’s stock.

CG Oncology Price Performance

CGON stock opened at $28.68 on Thursday. The business’s 50-day moving average is $33.30 and its two-hundred day moving average is $34.35. CG Oncology has a fifty-two week low of $25.77 and a fifty-two week high of $50.23.

CG Oncology (NASDAQ:CGON) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, topping 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 business had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $0.30 million. Equities research analysts forecast that CG Oncology will post -1.32 earnings per share for the current fiscal year.

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.