CARGO Therapeutics, Inc. (NASDAQ:CRGX) Short Interest Up 7.0% in July

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was the target of a large increase in short interest in July. As of July 15th, there was short interest totalling 3,990,000 shares, an increase of 7.0% from the June 30th total of 3,730,000 shares. Approximately 12.2% of the company’s stock are short sold. Based on an average daily volume of 194,000 shares, the short-interest ratio is currently 20.6 days.

Analysts Set New Price Targets

CRGX has been the topic of a number of research analyst reports. HC Wainwright initiated coverage on shares of CARGO Therapeutics in a research note on Monday, July 22nd. They set a “buy” rating and a $33.00 price objective on the stock. Truist Financial reiterated a “buy” rating and set a $32.00 price objective (down from $34.00) on shares of CARGO Therapeutics in a research note on Thursday, May 16th. Chardan Capital initiated coverage on shares of CARGO Therapeutics in a research note on Monday, July 8th. They set a “buy” rating and a $28.00 price objective on the stock. Finally, Piper Sandler initiated coverage on shares of CARGO Therapeutics in a research note on Thursday, June 27th. They set an “overweight” rating and a $37.00 price objective on the stock. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $30.83.

Insider Activity at CARGO Therapeutics

In other news, major shareholder Samsara Biocapital Gp, Llc purchased 294,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was acquired at an average cost of $17.00 per share, with a total value of $4,998,000.00. Following the acquisition, the insider now owns 4,415,689 shares in the company, valued at $75,066,713. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On CARGO Therapeutics

Several hedge funds have recently made changes to their positions in CRGX. Franklin Resources Inc. acquired a new position in shares of CARGO Therapeutics in the fourth quarter worth about $13,333,000. RTW Investments LP acquired a new position in shares of CARGO Therapeutics in the fourth quarter worth about $119,821,000. Perceptive Advisors LLC acquired a new position in shares of CARGO Therapeutics in the fourth quarter worth about $79,557,000. Wellington Management Group LLP acquired a new position in shares of CARGO Therapeutics in the fourth quarter worth about $39,009,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of CARGO Therapeutics in the first quarter worth about $238,000. Institutional investors and hedge funds own 93.16% of the company’s stock.

CARGO Therapeutics Trading Down 2.1 %

Shares of CARGO Therapeutics stock traded down $0.35 during trading hours on Thursday, reaching $16.68. The company’s stock had a trading volume of 151,279 shares, compared to its average volume of 235,086. The company’s 50 day simple moving average is $17.10 and its 200 day simple moving average is $20.61. 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 quarterly earnings data on Tuesday, May 14th. The company reported ($0.87) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.05) by $0.18. On average, equities analysts expect that CARGO Therapeutics will post -4.59 earnings per share for the current year.

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.