CARGO Therapeutics, Inc. (NASDAQ:CRGX) Sees Large Growth in Short Interest

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw a large growth in short interest in December. As of December 15th, there was short interest totalling 6,050,000 shares, a growth of 7.1% from the November 30th total of 5,650,000 shares. Currently, 18.9% of the shares of the company are short sold. Based on an average trading volume of 222,000 shares, the days-to-cover ratio is presently 27.3 days.

CARGO Therapeutics Trading Up 1.2 %

Shares of NASDAQ:CRGX traded up $0.18 during mid-day trading on Thursday, reaching $14.60. The stock had a trading volume of 6,432 shares, compared to its average volume of 258,750. The business’s 50 day moving average price is $17.39 and its 200 day moving average price is $17.77. CARGO Therapeutics has a 1 year low of $12.17 and a 1 year high of $33.92. The company has a market cap of $672.01 million and a P/E ratio of -3.43.

CARGO Therapeutics (NASDAQ:CRGX) last posted its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. Analysts predict that CARGO Therapeutics will post -3.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CRGX. HC Wainwright restated a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a research note on Friday, November 15th. William Blair assumed coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They issued an “outperform” rating on the stock. Finally, Chardan Capital reiterated a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $31.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRGX. BNP Paribas Financial Markets raised its position in CARGO Therapeutics by 437.8% during the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after purchasing an additional 9,311 shares during the period. SG Americas Securities LLC bought a new stake in CARGO Therapeutics in the third quarter worth $234,000. JPMorgan Chase & Co. increased its position in CARGO Therapeutics by 74.9% during the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after acquiring an additional 6,426 shares during the last quarter. MetLife Investment Management LLC raised its position in CARGO Therapeutics by 59.3% in the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after purchasing an additional 7,380 shares during the period. Finally, Rhumbline Advisers raised its holdings in shares of CARGO Therapeutics by 14.0% in the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after buying an additional 3,765 shares during the period. Hedge funds and other institutional investors 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.