CG Oncology, Inc. (NASDAQ:CGON) Short Interest Down 5.3% in December

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

CG Oncology Stock Up 0.6 %

CGON opened at $28.68 on Thursday. The company has a fifty day moving average price of $33.30 and a two-hundred day moving average price of $34.35. CG Oncology has a 1-year low of $25.77 and a 1-year high of $50.23.

CG Oncology (NASDAQ:CGON) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.06. The business had revenue of $0.04 million for the quarter, compared to analyst estimates of $0.30 million. CG Oncology had a negative return on equity of 18.97% and a negative net margin of 10,642.98%. On average, equities analysts expect that CG Oncology will post -1.32 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Hong Fang Song sold 700,000 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 3,003,931 shares in the company, valued at approximately $84,110,068. This represents a 18.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leonard E. Post sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $34.54, for a total transaction of $34,540.00. The disclosure for this sale can be found here.

Institutional Trading of CG Oncology

Institutional investors have recently made changes to their positions in the company. Amalgamated Bank lifted its holdings in 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 acquiring an additional 840 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of CG Oncology during the 3rd quarter worth $241,000. Profund Advisors LLC purchased a new position in shares of CG Oncology in the 2nd quarter worth about $300,000. HighVista Strategies LLC bought a new position in CG Oncology during the third quarter valued at about $594,000. Finally, M&T Bank Corp increased its holdings in CG Oncology by 55.7% during the third quarter. M&T Bank Corp now owns 16,758 shares of the company’s stock worth $632,000 after buying an additional 5,996 shares during the last quarter. Institutional investors own 26.56% of the company’s stock.

Wall Street Analyst Weigh In

CGON has been the subject of a number of research analyst reports. HC Wainwright reissued a “buy” rating and issued a $75.00 price target on shares of CG Oncology in a research report on Friday, December 6th. UBS Group started 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. Royal Bank of Canada restated an “outperform” rating and set a $66.00 price target on shares of CG Oncology in a research note on Friday, December 6th. Finally, Bank of America reissued a “buy” rating and set a $65.00 price target on shares of CG Oncology in a report on Tuesday, October 8th. Eight 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.com, the stock currently has a consensus rating of “Buy” and an average target price of $63.88.

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.