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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was the target of a significant growth in short interest in the month of 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. Approximately 18.9% of the company’s stock are short sold. Based on an average daily volume of 222,000 shares, the days-to-cover ratio is currently 27.3 days.

Hedge Funds Weigh In On CARGO Therapeutics

A number of hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its position in shares of CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after buying an additional 9,311 shares in the last quarter. SG Americas Securities LLC bought a new stake in CARGO Therapeutics during the third quarter worth $234,000. JPMorgan Chase & Co. boosted its position in CARGO Therapeutics by 74.9% in the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after purchasing an additional 6,426 shares during the last quarter. MetLife Investment Management LLC grew its stake in CARGO Therapeutics by 59.3% in the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after purchasing an additional 7,380 shares during the period. Finally, Rhumbline Advisers increased its position in shares of CARGO Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after purchasing an additional 3,765 shares during the last quarter. 93.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRGX has been the subject of several research analyst reports. Chardan Capital reaffirmed a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. William Blair assumed coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They issued an “outperform” rating for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a report on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $31.80.

CARGO Therapeutics Price Performance

Shares of NASDAQ CRGX traded up $0.40 during mid-day trading on Thursday, reaching $14.82. 17,909 shares of the company’s stock traded hands, compared to its average volume of 258,750. CARGO Therapeutics has a 1-year low of $12.17 and a 1-year high of $33.92. The stock has a market cap of $682.13 million and a P/E ratio of -3.48. The business has a 50-day simple moving average of $17.39 and a 200 day simple moving average of $17.77.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.26. Equities research analysts anticipate that CARGO Therapeutics will post -3.73 earnings per share for the current fiscal year.

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.