CARGO Therapeutics, Inc. (NASDAQ:CRGX) Short Interest Update

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw a significant decrease in short interest in May. As of May 31st, there was short interest totalling 3,460,000 shares, a decrease of 5.7% from the May 15th total of 3,670,000 shares. Currently, 13.2% of the company’s shares are short sold. Based on an average trading volume of 269,000 shares, the days-to-cover ratio is currently 12.9 days.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Jefferies Financial Group upped their price target on CARGO Therapeutics from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Truist Financial reaffirmed a “buy” rating and issued a $32.00 price target (down from $34.00) on shares of CARGO Therapeutics in a research note on Thursday, May 16th.

Insider Activity at CARGO Therapeutics

In other CARGO Therapeutics news, major shareholder Samsara Biocapital Gp, Llc bought 294,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was bought at an average price of $17.00 per share, for a total transaction of $4,998,000.00. Following the completion of the acquisition, the insider now directly owns 4,415,689 shares in the company, valued at $75,066,713. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.38% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CARGO Therapeutics

Institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. purchased a new stake in shares of CARGO Therapeutics in the first quarter worth $48,000. American International Group Inc. purchased a new stake in shares of CARGO Therapeutics in the first quarter worth $237,000. BNP Paribas Financial Markets purchased a new stake in shares of CARGO Therapeutics in the first quarter worth $238,000. California State Teachers Retirement System purchased a new stake in shares of CARGO Therapeutics in the first quarter worth $337,000. Finally, Swiss National Bank purchased a new stake in shares of CARGO Therapeutics in the first quarter worth $636,000. 93.16% of the stock is owned by hedge funds and other institutional investors.

CARGO Therapeutics Stock Down 3.1 %

Shares of CRGX stock opened at $15.43 on Thursday. The business’s fifty day moving average is $19.15 and its 200 day moving average is $21.28. CARGO Therapeutics has a twelve month low of $13.14 and a twelve month high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings results on Tuesday, May 14th. The company reported ($0.87) earnings per share for the quarter, topping the consensus estimate of ($1.05) by $0.18. Analysts forecast that CARGO Therapeutics will post -4.82 EPS 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.