CARGO Therapeutics, Inc. (NASDAQ:CRGX) Short Interest Up 13.2% in August

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 4,620,000 shares, an increase of 13.2% from the August 15th total of 4,080,000 shares. Currently, 14.6% of the shares of the company are short sold. Based on an average daily volume of 264,000 shares, the short-interest ratio is currently 17.5 days.

Institutional Investors Weigh In On CARGO Therapeutics

Institutional investors have recently bought and sold shares of the business. Novo Holdings A S lifted its position in shares of CARGO Therapeutics by 23.5% in the second quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock valued at $25,352,000 after acquiring an additional 294,000 shares in the last quarter. Perceptive Advisors LLC lifted its holdings in CARGO Therapeutics by 6.8% in the 2nd quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after purchasing an additional 235,000 shares in the last quarter. CVI Holdings LLC bought a new position in CARGO Therapeutics in the 2nd quarter worth approximately $1,149,000. The Manufacturers Life Insurance Company grew its holdings in CARGO Therapeutics by 20.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 159,019 shares of the company’s stock valued at $2,611,000 after buying an additional 26,808 shares in the last quarter. Finally, Yu Fan purchased a new stake in CARGO Therapeutics during the 2nd quarter valued at approximately $14,975,000. Hedge funds and other institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Price Performance

CARGO Therapeutics stock opened at $23.33 on Wednesday. CARGO Therapeutics has a 12-month low of $13.14 and a 12-month high of $33.92. The firm has a 50 day moving average of $17.66 and a 200 day moving average of $19.49.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings data on Monday, August 12th. The company reported ($1.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.04. Sell-side analysts predict that CARGO Therapeutics will post -4.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRGX has been the subject of a number of research reports. Piper Sandler reduced their price objective on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Chardan Capital started coverage on shares of CARGO Therapeutics in a research report on Monday, July 8th. They set a “buy” rating and a $28.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a report on Tuesday, August 13th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, CARGO Therapeutics has a consensus rating of “Buy” and a consensus price target of $30.33.

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.