CARGO Therapeutics, Inc. (NASDAQ:CRGX) Short Interest Up 13.2% in August

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was the recipient of a large growth in short interest during 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 company’s stock are short sold. Based on an average daily volume of 264,000 shares, the days-to-cover ratio is currently 17.5 days.

Institutional Trading of CARGO Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. purchased a new stake in shares of CARGO Therapeutics in the 1st quarter valued at $48,000. American International Group Inc. purchased a new stake in CARGO Therapeutics in the first quarter valued at $237,000. BNP Paribas Financial Markets acquired a new stake in CARGO Therapeutics during the 1st quarter worth about $238,000. California State Teachers Retirement System purchased a new position in shares of CARGO Therapeutics during the 1st quarter valued at about $337,000. Finally, Rhumbline Advisers raised its stake in shares of CARGO Therapeutics by 14.0% during the 2nd 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. Institutional investors and hedge funds own 93.16% of the company’s stock.

CARGO Therapeutics Stock Up 2.3 %

Shares of CARGO Therapeutics stock opened at $23.33 on Wednesday. CARGO Therapeutics has a 52 week low of $13.14 and a 52 week high of $33.92. The company has a 50 day moving average price of $17.66 and a 200 day moving average price of $19.49.

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, topping analysts’ consensus estimates of ($1.06) by $0.04. On average, equities analysts predict that CARGO Therapeutics will post -4.37 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a report on Tuesday, August 13th. 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. Finally, Piper Sandler reduced their price target 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 investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average 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.