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

CG Oncology, Inc. (NASDAQ:CGON) was the target of a large 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. Approximately 14.8% of the shares of the company are sold short. Based on an average daily volume of 703,100 shares, the days-to-cover ratio is currently 8.5 days.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CGON. Roth Mkm initiated coverage on CG Oncology in a research note on Tuesday, August 27th. They issued a “buy” rating and a $65.00 price target on the stock. Royal Bank of Canada initiated coverage on CG Oncology in a report on Monday, September 23rd. They set an “outperform” rating and a $66.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $75.00 price target on shares of CG Oncology in a report on Tuesday, September 17th. Roth Capital raised CG Oncology to a “strong-buy” rating in a report on Tuesday, August 27th. Finally, UBS Group initiated coverage on CG Oncology in a report on Thursday, October 24th. They set a “buy” rating and a $60.00 price target for the company. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $63.88.

CG Oncology Stock Up 2.5 %

Shares of CGON opened at $37.29 on Tuesday. CG Oncology has a 12-month low of $25.77 and a 12-month high of $50.23. The business has a 50-day simple moving average of $36.67 and a two-hundred day simple moving average of $34.74.

CG Oncology (NASDAQ:CGON) last issued its earnings results on Thursday, August 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.42) by $0.14. The firm had revenue of $0.11 million during the quarter. As a group, analysts expect that CG Oncology will post -1.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Hong Fang Song sold 650,455 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $35.36, for a total transaction of $23,000,088.80. Following the sale, the director now owns 586,982 shares of the company’s stock, valued at $20,755,683.52. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Institutional Investors Weigh In On CG Oncology

A number of institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in shares of CG Oncology in the 3rd quarter valued at about $664,000. Deerfield Management Company L.P. Series C grew its position in shares of CG Oncology by 811.9% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 433,540 shares of the company’s stock valued at $13,687,000 after buying an additional 386,000 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of CG Oncology in the 2nd quarter valued at about $2,399,000. Yu Fan bought a new stake in shares of CG Oncology in the 2nd quarter valued at about $49,828,000. Finally, Profund Advisors LLC bought a new stake in shares of CG Oncology during the 2nd quarter valued at about $300,000. Institutional investors own 26.56% of the company’s stock.

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.