CG Oncology, Inc. (NASDAQ:CGON) Short Interest Down 11.2% in August

CG Oncology, Inc. (NASDAQ:CGON) saw a significant decline in short interest in August. As of August 31st, there was short interest totalling 6,200,000 shares, a decline of 11.2% from the August 15th total of 6,980,000 shares. Based on an average daily volume of 563,500 shares, the days-to-cover ratio is currently 11.0 days. Currently, 15.4% of the shares of the stock are sold short.

Insiders Place Their Bets

In other CG Oncology news, Director Hong Fang Song sold 650,455 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now directly owns 586,982 shares of the company’s stock, valued at $20,755,683.52. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Decheng Capital LLC purchased a new position in CG Oncology in the first quarter valued at approximately $239,642,000. Vanguard Group Inc. bought a new position in shares of CG Oncology in the 1st quarter worth $97,678,000. BVF Inc. IL purchased a new stake in CG Oncology in the first quarter worth approximately $82,716,000. Yu Fan bought a new stake in CG Oncology in the second quarter worth $49,828,000. Finally, Janus Henderson Group PLC bought a new position in CG Oncology during the 1st quarter worth approximately $66,757,000. Institutional investors own 26.56% of the company’s stock.

CG Oncology Stock Down 1.8 %

CGON stock opened at $37.06 on Thursday. CG Oncology has a 52-week low of $25.77 and a 52-week high of $50.23. The company has a fifty day moving average price of $35.12 and a 200-day moving average price of $35.37.

CG Oncology (NASDAQ:CGON) last released its earnings results on Thursday, August 8th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.14. The firm had revenue of $0.11 million during the quarter. On average, equities research analysts anticipate that CG Oncology will post -1.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. HC Wainwright reiterated a “buy” rating and set a $75.00 price objective on shares of CG Oncology in a report on Tuesday. Roth Capital raised shares of CG Oncology to a “strong-buy” rating in a research note on Tuesday, August 27th. Bank of America started coverage on CG Oncology in a report on Friday, June 28th. They set a “buy” rating and a $65.00 price objective for the company. Finally, Roth Mkm started coverage on CG Oncology in a research report on Tuesday, August 27th. They set a “buy” rating and a $65.00 price target for the company. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $64.17.

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.