Short Interest in CARGO Therapeutics, Inc. (NASDAQ:CRGX) Drops By 6.0%

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw a significant decrease in short interest in the month of August. As of August 15th, there was short interest totalling 4,080,000 shares, a decrease of 6.0% from the July 31st total of 4,340,000 shares. Based on an average daily volume of 244,800 shares, the days-to-cover ratio is currently 16.7 days. Approximately 12.9% of the company’s stock are short sold.

Institutional Investors Weigh In On CARGO Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. RTW Investments LP purchased a new position in shares of CARGO Therapeutics in the 4th quarter worth approximately $119,821,000. Perceptive Advisors LLC purchased a new position in CARGO Therapeutics in the fourth quarter worth $79,557,000. Wellington Management Group LLP bought a new position in CARGO Therapeutics in the 4th quarter valued at $39,009,000. Yu Fan purchased a new stake in shares of CARGO Therapeutics during the 2nd quarter valued at $14,975,000. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of CARGO Therapeutics by 38.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock worth $69,044,000 after purchasing an additional 854,840 shares during the period. 93.16% of the stock is owned by institutional investors.

CARGO Therapeutics Trading Up 6.0 %

Shares of CRGX stock opened at $18.86 on Monday. The firm has a 50-day moving average of $16.43 and a 200-day moving average of $19.71. CARGO Therapeutics has a one year low of $13.14 and a one year high of $33.92.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CRGX. HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Chardan Capital initiated coverage on shares of CARGO Therapeutics in a report on Monday, July 8th. They set a “buy” rating and a $28.00 price objective for the company. Piper Sandler decreased their target price on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $32.00 price target (down previously from $34.00) on shares of CARGO Therapeutics in a research report on Thursday, May 16th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $30.33.

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.