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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 4,170,000 shares, a decrease of 9.7% from the August 31st total of 4,620,000 shares. Based on an average daily volume of 326,600 shares, the days-to-cover ratio is currently 12.8 days. Approximately 13.2% of the company’s stock are sold short.

CARGO Therapeutics Stock Performance

Shares of CRGX stock traded down $1.07 during trading hours on Friday, hitting $17.42. 259,566 shares of the company were exchanged, compared to its average volume of 271,657. CARGO Therapeutics has a fifty-two week low of $13.14 and a fifty-two week high of $33.92. The company has a 50 day simple moving average of $18.25 and a two-hundred day simple moving average of $19.10.

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

Insider Transactions at CARGO Therapeutics

In related news, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the transaction, the chief financial officer now directly owns 6,446 shares in the company, valued at approximately $162,954.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the sale, the chief executive officer now owns 103,905 shares in the company, valued at approximately $2,600,742.15. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total transaction of $40,448.00. Following the sale, the chief financial officer now owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. The disclosure for this sale can be found here. 1.38% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CARGO Therapeutics

A number of hedge funds have recently made changes to their positions in the business. RTW Investments LP purchased a new stake in CARGO Therapeutics in the 4th quarter worth about $119,821,000. Perceptive Advisors LLC bought a new stake in CARGO Therapeutics in the 4th quarter worth approximately $79,557,000. Wellington Management Group LLP bought a new stake in CARGO Therapeutics in the 4th quarter worth approximately $39,009,000. Yu Fan bought a new stake in CARGO Therapeutics in the second quarter valued at approximately $14,975,000. Finally, Price T Rowe Associates Inc. MD lifted its position in CARGO Therapeutics by 38.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock valued at $69,044,000 after purchasing an additional 854,840 shares during the last quarter. 93.16% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. 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. Chardan Capital began coverage on shares of CARGO Therapeutics in a research note on Monday, July 8th. They issued a “buy” rating and a $28.00 price target on the stock. Finally, Piper Sandler decreased their price target on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price 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.