CG Oncology, Inc. (NASDAQ:CGON) Short Interest Update

CG Oncology, Inc. (NASDAQ:CGON) saw a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 6,780,000 shares, a growth of 6.4% from the January 15th total of 6,370,000 shares. Approximately 15.2% of the shares of the stock are short sold. Based on an average trading volume of 697,900 shares, the short-interest ratio is presently 9.7 days.

Analyst Upgrades and Downgrades

CGON has been the subject of several research analyst reports. TD Cowen initiated coverage on shares of CG Oncology in a research report on Tuesday, January 7th. They issued a “buy” rating for the company. Royal Bank of Canada restated an “outperform” rating and issued a $66.00 price objective on shares of CG Oncology in a research report on Friday, December 6th. HC Wainwright restated a “buy” rating and issued a $75.00 price objective on shares of CG Oncology in a research report on Friday, January 10th. Finally, UBS Group initiated coverage on shares of CG Oncology in a research report on Thursday, October 24th. They issued a “buy” rating and a $60.00 price objective for the company. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $63.88.

Insider Activity

In other news, Director Leonard E. Post sold 1,000 shares of CG Oncology stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $34.54, for a total value of $34,540.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Hong Fang Song sold 700,000 shares of CG Oncology stock in a transaction that occurred on 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 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 702,000 shares of company stock worth $19,664,200.

Institutional Trading of CG Oncology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Amalgamated Bank grew its holdings in shares of CG Oncology by 107.6% in the 3rd quarter. Amalgamated Bank now owns 1,621 shares of the company’s stock valued at $61,000 after buying an additional 840 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of CG Oncology in the 4th quarter valued at $68,000. KLP Kapitalforvaltning AS acquired a new position in shares of CG Oncology in the 4th quarter valued at $100,000. Federated Hermes Inc. acquired a new position in shares of CG Oncology in the 4th quarter valued at $172,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of CG Oncology in the 3rd quarter valued at $241,000. Institutional investors own 26.56% of the company’s stock.

CG Oncology Stock Performance

Shares of CG Oncology stock traded down $1.15 on Tuesday, hitting $27.37. 429,418 shares of the company’s stock traded hands, compared to its average volume of 573,697. The firm’s 50-day moving average price is $29.44 and its two-hundred day moving average price is $33.54. CG Oncology has a one year low of $25.77 and a one year high of $48.60.

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.