CARGO Therapeutics, Inc. (NASDAQ:CRGX) Sees Significant Growth in Short Interest

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was the recipient of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 6,050,000 shares, an increase of 7.1% from the November 30th total of 5,650,000 shares. Based on an average daily trading volume, of 222,000 shares, the short-interest ratio is currently 27.3 days. Approximately 18.9% of the shares of the stock are short sold.

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRGX. Yu Fan purchased a new stake in CARGO Therapeutics during the second quarter worth about $14,975,000. Geode Capital Management LLC grew its stake in CARGO Therapeutics by 80.6% during the 3rd quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after buying an additional 374,018 shares during the last quarter. Cowen AND Company LLC raised its position in CARGO Therapeutics by 121.7% in the 2nd quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock valued at $9,102,000 after purchasing an additional 304,305 shares during the last quarter. Novo Holdings A S boosted its stake in shares of CARGO Therapeutics by 23.5% during the second quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock worth $25,352,000 after buying an additional 294,000 shares during the period. Finally, Perceptive Advisors LLC grew its stake in shares of CARGO Therapeutics by 6.8% in the 2nd quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock valued at $60,475,000 after purchasing an additional 235,000 shares during the last quarter. Hedge funds and other institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Price Performance

NASDAQ:CRGX opened at $14.69 on Thursday. The company has a 50 day moving average price of $17.39 and a 200-day moving average price of $17.77. CARGO Therapeutics has a 1-year low of $12.17 and a 1-year high of $33.92. The firm has a market cap of $676.15 million and a price-to-earnings ratio of -3.45.

CARGO Therapeutics (NASDAQ:CRGX) last posted 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. On average, sell-side analysts anticipate that CARGO Therapeutics will post -3.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CRGX shares. HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a report on Friday, November 15th. William Blair began coverage on CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating on the stock. Finally, Chardan Capital reissued a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $31.80.

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.