Short Interest in CG Oncology, Inc. (NASDAQ:CGON) Drops By 27.3%

CG Oncology, Inc. (NASDAQ:CGON) saw a significant decline in short interest in January. As of January 15th, there was short interest totaling 9,387,150 shares, a decline of 27.3% from the December 31st total of 12,919,357 shares. Currently, 11.6% of the shares of the stock are sold short. Based on an average daily volume of 1,679,102 shares, the days-to-cover ratio is currently 5.6 days. Based on an average daily volume of 1,679,102 shares, the days-to-cover ratio is currently 5.6 days. Currently, 11.6% of the shares of the stock are sold short.

CG Oncology Stock Performance

CGON opened at $52.05 on Friday. The firm’s fifty day moving average is $45.57 and its two-hundred day moving average is $38.19. The firm has a market cap of $4.20 billion, a PE ratio of -25.51 and a beta of 1.35. CG Oncology has a twelve month low of $14.80 and a twelve month high of $57.88.

CG Oncology (NASDAQ:CGON) last released its quarterly earnings data on Friday, November 14th. The company reported ($0.57) earnings per share for the quarter, meeting the consensus estimate of ($0.57). The business had revenue of $0.16 million for the quarter, compared to the consensus estimate of $0.07 million. Equities analysts forecast that CG Oncology will post -1.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Leonard E. Post sold 1,000 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $41.43, for a total transaction of $41,430.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James Mulay sold 11,145 shares of the firm’s stock in a transaction on Friday, January 9th. The shares were sold at an average price of $52.47, for a total value of $584,778.15. The SEC filing for this sale provides additional information. 7.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CG Oncology

Large investors have recently made changes to their positions in the stock. Whittier Trust Co. of Nevada Inc. bought a new stake in CG Oncology in the 4th quarter valued at $27,000. Winthrop Capital Management LLC acquired a new stake in shares of CG Oncology in the 2nd quarter valued at about $38,000. Strengthening Families & Communities LLC bought a new stake in shares of CG Oncology in the third quarter valued at about $40,000. Comerica Bank lifted its holdings in shares of CG Oncology by 100.4% in the fourth quarter. Comerica Bank now owns 1,028 shares of the company’s stock valued at $43,000 after purchasing an additional 515 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of CG Oncology by 15.6% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,945 shares of the company’s stock worth $77,000 after buying an additional 398 shares during the period. 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. Piper Sandler boosted their target price on shares of CG Oncology from $55.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. Guggenheim initiated coverage on shares of CG Oncology in a research report on Tuesday, October 7th. They issued a “buy” rating and a $90.00 price objective for the company. The Goldman Sachs Group reaffirmed a “buy” rating and set a $82.00 price objective on shares of CG Oncology in a report on Monday, January 12th. Wedbush initiated coverage on CG Oncology in a research note on Thursday, December 11th. They issued an “outperform” rating and a $70.00 target price for the company. Finally, Truist Financial upped their price target on CG Oncology from $62.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Eleven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $67.83.

About CG Oncology

CG Oncology, Inc (NASDAQ: CGON) is a clinical-stage biopharmaceutical company focused on the discovery and development of novel antibody-based immunotherapies for the treatment of solid tumor cancers. The company leverages a platform-driven approach to identify and optimize antibody candidates that engage key immune checkpoints and co-stimulatory pathways within the tumor microenvironment. Its pipeline encompasses multiple preclinical programs alongside early-phase clinical trials designed to assess safety, dosing and preliminary anti-tumor activity.

Headquartered in South San Francisco, California, CG Oncology conducts clinical research primarily in the United States, collaborating with leading academic medical centers and contract research organizations to advance its lead candidates.