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

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

Institutional Investors Weigh In On CARGO Therapeutics

Several institutional investors have recently bought and sold shares of CRGX. Ameritas Investment Partners Inc. acquired a new stake in CARGO Therapeutics during the 1st quarter worth $48,000. Rhumbline Advisers raised its position in shares of CARGO Therapeutics by 14.0% in the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after buying an additional 3,765 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of CARGO Therapeutics by 11.5% in the second quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after buying an additional 7,146 shares in the last quarter. American International Group Inc. acquired a new position in CARGO Therapeutics during the first quarter worth about $237,000. Finally, BNP Paribas Financial Markets purchased a new stake in CARGO Therapeutics during the 1st quarter valued at about $238,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.

CARGO Therapeutics Price Performance

Shares of NASDAQ CRGX opened at $23.33 on Wednesday. The firm has a fifty day moving average of $17.66 and a 200 day moving average of $19.49. CARGO Therapeutics has a one year low of $13.14 and a one year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last announced its 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. As a group, equities research analysts forecast that CARGO Therapeutics will post -4.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Chardan Capital initiated coverage on shares of CARGO Therapeutics in a research note on Monday, July 8th. They issued a “buy” rating and a $28.00 target price for the company. HC Wainwright reiterated a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Finally, Piper Sandler dropped their target price on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average 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.