CG Oncology, Inc. (NASDAQ:CGON) Sees Large Increase in Short Interest

CG Oncology, Inc. (NASDAQ:CGON) was the recipient of a significant growth in short interest in 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. Based on an average daily trading volume, of 697,900 shares, the short-interest ratio is presently 9.7 days. Currently, 15.2% of the company’s stock are sold short.

Insider Buying and Selling at CG Oncology

In other news, Director Hong Fang Song sold 700,000 shares of CG Oncology stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $28.00, for a total value of $19,600,000.00. Following the completion of the transaction, the director now owns 3,003,931 shares in the company, valued at $84,110,068. This trade represents a 18.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Leonard E. Post sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $29.66, for a total transaction of $29,660.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 702,000 shares of company stock valued at $19,664,200.

Institutional Trading of CG Oncology

Several institutional investors and hedge funds have recently made changes to their positions in CGON. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in CG Oncology by 496.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 125,902 shares of the company’s stock worth $3,611,000 after purchasing an additional 104,780 shares in the last quarter. Woodline Partners LP increased its holdings in shares of CG Oncology by 3.8% during the 4th quarter. Woodline Partners LP now owns 628,885 shares of the company’s stock valued at $18,036,000 after purchasing an additional 22,987 shares in the last quarter. Zimmer Partners LP purchased a new stake in CG Oncology in the 4th quarter worth $287,000. Squarepoint Ops LLC purchased a new stake in CG Oncology in the 4th quarter worth $313,000. Finally, Tema Etfs LLC purchased a new stake in CG Oncology in the 4th quarter worth $239,000. 26.56% of the stock is currently owned by institutional investors.

CG Oncology Stock Down 4.0 %

Shares of CGON traded down $1.15 during trading hours 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 12-month low of $25.77 and a 12-month high of $48.60. The stock’s fifty day moving average price is $29.44 and its 200 day moving average price is $33.54.

Wall Street Analyst Weigh In

A number of research firms recently commented on CGON. UBS Group began coverage on shares of CG Oncology in a report on Thursday, October 24th. They set a “buy” rating and a $60.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $75.00 price objective on shares of CG Oncology in a research report on Friday, January 10th. TD Cowen began coverage on shares of CG Oncology in a research report on Tuesday, January 7th. They set a “buy” rating on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $66.00 price objective on shares of CG Oncology in a research report on Friday, December 6th. 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 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.