CARGO Therapeutics, Inc. (NASDAQ:CRGX) Short Interest Up 8.4% in June

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 3,730,000 shares, an increase of 8.4% from the June 15th total of 3,440,000 shares. Approximately 11.4% of the company’s stock are short sold. Based on an average daily trading volume, of 186,500 shares, the short-interest ratio is presently 20.0 days.

Insider Transactions at CARGO Therapeutics

In other news, major shareholder Samsara Biocapital Gp, Llc bought 294,000 shares of the stock in a transaction on Thursday, May 30th. The stock was bought at an average cost of $17.00 per share, for a total transaction of $4,998,000.00. Following the completion of the purchase, the insider now directly owns 4,415,689 shares in the company, valued at $75,066,713. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.38% of the company’s stock.

Institutional Investors Weigh In On CARGO Therapeutics

Several hedge funds have recently modified their holdings of CRGX. Franklin Resources Inc. acquired a new position in CARGO Therapeutics in the 4th quarter worth about $13,333,000. Perceptive Advisors LLC purchased a new stake in shares of CARGO Therapeutics in the fourth quarter valued at approximately $79,557,000. Wellington Management Group LLP acquired a new position in shares of CARGO Therapeutics during the 4th quarter worth approximately $39,009,000. RTW Investments LP purchased a new position in shares of CARGO Therapeutics during the 4th quarter valued at approximately $119,821,000. Finally, California State Teachers Retirement System acquired a new stake in CARGO Therapeutics in the 1st quarter valued at $337,000. 93.16% of the stock is owned by hedge funds and other institutional investors.

CARGO Therapeutics Trading Down 4.7 %

CARGO Therapeutics stock traded down $0.87 during mid-day trading on Wednesday, hitting $17.62. The company had a trading volume of 203,848 shares, compared to its average volume of 241,327. The company’s fifty day moving average is $17.77 and its 200-day moving average is $20.92. CARGO Therapeutics has a 12-month low of $13.14 and a 12-month high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings results on Tuesday, May 14th. The company reported ($0.87) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.18. Analysts anticipate that CARGO Therapeutics will post -4.54 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on CRGX shares. Piper Sandler started coverage on shares of CARGO Therapeutics in a research report on Thursday, June 27th. They issued an “overweight” rating and a $37.00 price objective for the company. Chardan Capital started coverage on CARGO Therapeutics in a research report on Monday, July 8th. They issued a “buy” rating and a $28.00 target price on the stock. Jefferies Financial Group lifted their price target on CARGO Therapeutics from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Finally, Truist Financial reissued a “buy” rating and issued a $32.00 price objective (down from $34.00) on shares of CARGO Therapeutics in a report on Thursday, May 16th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $30.40.

CARGO Therapeutics Company Profile

CARGO Therapeutics, Inc, a clinical-stage biotechnology company, develops chimeric antigen receptor (CAR) T-cell therapies for cancer patients. The company's lead program is CRG-022, an autologous CD22 CAR T-cell product candidate designed to address resistance mechanisms by targeting CD22, an alternate tumor antigen that is expressed in B-cell malignancies.