Short Interest in CARGO Therapeutics, Inc. (NASDAQ:CRGX) Expands By 7.1%

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 5,430,000 shares, a growth of 7.1% from the September 30th total of 5,070,000 shares. Based on an average daily trading volume, of 317,000 shares, the days-to-cover ratio is presently 17.1 days. Currently, 17.2% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Chardan Capital assumed coverage on shares of CARGO Therapeutics in a research report on Monday, July 8th. They set a “buy” rating and a $28.00 price objective for the company. Piper Sandler dropped their target price on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a report on Tuesday, August 13th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $30.33.

CARGO Therapeutics Price Performance

Shares of CRGX traded up $0.73 during mid-day trading on Friday, reaching $20.23. The stock had a trading volume of 44,023 shares, compared to its average volume of 259,758. The firm has a market cap of $928.56 million and a price-to-earnings ratio of -0.40. The business’s fifty day moving average is $20.11 and its 200 day moving average is $18.52. CARGO Therapeutics has a 52-week low of $13.14 and a 52-week high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last announced its earnings results on Monday, August 12th. The company reported ($1.02) earnings per share for the quarter, topping the consensus estimate of ($1.06) by $0.04. As a group, sell-side analysts anticipate that CARGO Therapeutics will post -4.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Anup Radhakrishnan sold 1,600 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total transaction of $40,448.00. Following the completion of the sale, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other CARGO Therapeutics news, CFO Anup Radhakrishnan sold 1,600 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the completion of the transaction, the chief financial officer now directly owns 6,446 shares in the company, valued at approximately $162,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the transaction, the chief executive officer now owns 103,905 shares of the company’s stock, valued at $2,600,742.15. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is owned by insiders.

Institutional Trading of CARGO Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC raised its holdings in CARGO Therapeutics by 6.8% during the second quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after purchasing an additional 235,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of CARGO Therapeutics by 38.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock worth $69,044,000 after acquiring an additional 854,840 shares during the last quarter. Novo Holdings A S grew its position in shares of CARGO Therapeutics by 23.5% during the second quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock worth $25,352,000 after acquiring an additional 294,000 shares during the last quarter. Vanguard Group Inc. grew its position in shares of CARGO Therapeutics by 179.5% during the first quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock worth $24,916,000 after acquiring an additional 716,868 shares during the last quarter. Finally, Yu Fan purchased a new position in CARGO Therapeutics in the 2nd quarter valued at $14,975,000. Institutional investors and hedge funds own 93.16% of the company’s stock.

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.