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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was the target of 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 trading volume of 326,600 shares, the days-to-cover ratio is presently 12.8 days. Approximately 13.2% of the shares of the stock are sold short.

CARGO Therapeutics Stock Down 5.8 %

NASDAQ CRGX traded down $1.07 on Friday, reaching $17.42. The stock had a trading volume of 259,566 shares, compared to its average volume of 271,657. CARGO Therapeutics has a 12-month low of $13.14 and a 12-month high of $33.92. The stock has a fifty day moving average price of $18.25 and a two-hundred day moving average price of $19.10.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings data 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. Research analysts predict that CARGO Therapeutics will post -4.37 EPS for the current year.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. RTW Investments LP purchased a new position in shares of CARGO Therapeutics in the 4th quarter valued at $119,821,000. Perceptive Advisors LLC acquired a new position in CARGO Therapeutics during the 4th quarter valued at about $79,557,000. Wellington Management Group LLP acquired a new stake in shares of CARGO Therapeutics in the 4th quarter worth approximately $39,009,000. BNP Paribas Financial Markets acquired a new stake in shares of CARGO Therapeutics in the 1st quarter worth approximately $238,000. Finally, Swiss National Bank acquired a new stake in shares of CARGO Therapeutics in the 1st quarter worth approximately $636,000. 93.16% of the stock is owned by hedge funds and other institutional investors.

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.