CG Oncology, Inc. (NASDAQ:CGON) Sees Large Increase 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. Based on an average trading volume of 697,900 shares, the days-to-cover ratio is presently 9.7 days. Currently, 15.2% of the company’s shares are sold short.

CG Oncology Trading Down 4.0 %

NASDAQ:CGON traded down $1.15 during midday trading on Tuesday, reaching $27.37. 429,418 shares of the company traded hands, compared to its average volume of 573,697. CG Oncology has a twelve month low of $25.77 and a twelve month high of $48.60. The company has a fifty day moving average price of $29.44 and a 200 day moving average price of $33.54.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CGON shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $66.00 price target on shares of CG Oncology in a report on Friday, December 6th. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price target on shares of CG Oncology in a report on Friday, January 10th. 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 objective for the company. Finally, TD Cowen initiated coverage on CG Oncology in a research report on Tuesday, January 7th. They issued a “buy” rating for the company. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, CG Oncology has a consensus rating of “Buy” and a consensus price target of $63.88.

Insider Activity

In related news, Director Leonard E. Post sold 1,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $34.54, for a total value of $34,540.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Hong Fang Song sold 700,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $28.00, for a total transaction of $19,600,000.00. Following the completion of the sale, the director now owns 3,003,931 shares in the company, valued at approximately $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. In the last quarter, insiders have sold 702,000 shares of company stock valued at $19,664,200.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. State Street Corp raised its position in shares of CG Oncology by 73.0% during the third quarter. State Street Corp now owns 1,700,653 shares of the company’s stock worth $64,166,000 after purchasing an additional 717,722 shares during the period. Ally Bridge Group NY LLC boosted its stake in shares of CG Oncology by 50.5% during the 3rd quarter. Ally Bridge Group NY LLC now owns 263,266 shares of the company’s stock worth $9,933,000 after acquiring an additional 88,390 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in CG Oncology by 114.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 379,664 shares of the company’s stock valued at $14,325,000 after buying an additional 202,262 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in CG Oncology by 876.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 26,660 shares of the company’s stock valued at $1,006,000 after buying an additional 23,931 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in CG Oncology by 59.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 31,071 shares of the company’s stock valued at $1,172,000 after buying an additional 11,542 shares during the last quarter. 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.