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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was the target of a large growth in short interest in 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 trading volume of 317,000 shares, the days-to-cover ratio is currently 17.1 days. Currently, 17.2% of the company’s stock are short sold.

Wall Street Analyst Weigh In

CRGX has been the topic of a number of recent analyst reports. Chardan Capital initiated coverage on shares of CARGO Therapeutics in a research report on Monday, July 8th. They issued a “buy” rating and a $28.00 price objective on the stock. Piper Sandler reduced their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Finally, HC Wainwright reissued a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Seven equities 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 an average price target of $30.33.

CARGO Therapeutics Stock Performance

CRGX traded up $0.73 during trading on Friday, hitting $20.23. The stock had a trading volume of 44,023 shares, compared to its average volume of 259,758. The company has a market capitalization of $928.56 million and a PE ratio of -0.40. CARGO Therapeutics has a twelve month low of $13.14 and a twelve month high of $33.92. The stock has a 50 day simple moving average of $20.11 and a two-hundred day simple moving average of $18.52.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings data on Monday, August 12th. The company reported ($1.02) EPS for the quarter, topping the consensus estimate of ($1.06) by $0.04. On average, equities research analysts anticipate that CARGO Therapeutics will post -4.37 EPS for the current year.

Insider Activity at CARGO Therapeutics

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. acquired a new position in CARGO Therapeutics during the first quarter valued at $48,000. Rhumbline Advisers increased its holdings in CARGO Therapeutics by 14.0% in the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after buying an additional 3,765 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in CARGO Therapeutics by 11.5% in the second quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock valued at $1,136,000 after buying an additional 7,146 shares in the last quarter. American International Group Inc. purchased a new position in CARGO Therapeutics in the first quarter valued at $237,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of CARGO Therapeutics during the 1st quarter worth about $238,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.

About CARGO Therapeutics

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.