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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw a large increase in short interest in the month of 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. Based on an average trading volume of 194,000 shares, the short-interest ratio is currently 20.6 days. Approximately 12.2% of the company’s stock are sold short.

CARGO Therapeutics Stock Down 1.9 %

Shares of CRGX traded down $0.33 during mid-day trading on Thursday, hitting $16.70. 213,575 shares of the company traded hands, compared to its average volume of 235,510. CARGO Therapeutics has a 1 year low of $13.14 and a 1 year high of $33.92. The stock has a 50-day moving average price of $17.10 and a two-hundred day moving average price of $20.61.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings results on Tuesday, May 14th. The company reported ($0.87) earnings per share for the quarter, beating the consensus estimate of ($1.05) by $0.18. Equities research analysts forecast that CARGO Therapeutics will post -4.59 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. HC Wainwright assumed coverage on CARGO Therapeutics in a report on Monday, July 22nd. They set a “buy” rating and a $33.00 price target for the company. Truist Financial reissued a “buy” rating and set a $32.00 price objective (down from $34.00) on shares of CARGO Therapeutics in a research report on Thursday, May 16th. Piper Sandler started coverage on shares of CARGO Therapeutics in a report on Thursday, June 27th. They issued an “overweight” rating and a $37.00 target price for the company. Finally, Chardan Capital began coverage on shares of CARGO Therapeutics in a report on Monday, July 8th. They set a “buy” rating and a $28.00 price target on the stock. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, CARGO Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $30.83.

Insider Buying and Selling

In other CARGO Therapeutics news, major shareholder Samsara Biocapital Gp, Llc bought 294,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was acquired at an average price of $17.00 per share, with a total value of $4,998,000.00. Following the completion of the purchase, the insider now owns 4,415,689 shares of the company’s stock, valued at $75,066,713. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 1.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CARGO Therapeutics

Hedge funds have recently modified their holdings of the business. Ameritas Investment Partners Inc. purchased a new position in CARGO Therapeutics during the first quarter valued at $48,000. American International Group Inc. bought a new position in shares of CARGO Therapeutics in the first quarter worth about $237,000. BNP Paribas Financial Markets purchased a new position in shares of CARGO Therapeutics during the 1st quarter valued at about $238,000. California State Teachers Retirement System bought a new position in shares of CARGO Therapeutics during the 1st quarter valued at approximately $337,000. Finally, Swiss National Bank purchased a new stake in CARGO Therapeutics in the 1st quarter worth approximately $636,000. Institutional investors own 93.16% of the company’s stock.

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.