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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was the target of a large increase in short interest in December. As of December 15th, there was short interest totalling 6,050,000 shares, an increase of 7.1% from the November 30th total of 5,650,000 shares. Based on an average daily volume of 222,000 shares, the short-interest ratio is presently 27.3 days. Currently, 18.9% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of brokerages have recently commented on CRGX. William Blair initiated coverage on CARGO Therapeutics in a research note on Tuesday, November 26th. They set an “outperform” rating on the stock. HC Wainwright reiterated a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a research report on Friday, November 15th. Finally, Chardan Capital reissued a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $31.80.

CARGO Therapeutics Stock Performance

Shares of CRGX stock traded up $0.40 on Thursday, hitting $14.82. The company had a trading volume of 17,909 shares, compared to its average volume of 258,750. The stock’s 50-day moving average is $17.39 and its two-hundred day moving average is $17.77. The firm has a market cap of $682.13 million and a P/E ratio of -3.48. CARGO Therapeutics has a twelve month low of $12.17 and a twelve month high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last released its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. Equities research analysts predict that CARGO Therapeutics will post -3.73 EPS for the current year.

Institutional Investors Weigh In On CARGO Therapeutics

Large investors have recently modified their holdings of the company. FMR LLC boosted its position in CARGO Therapeutics by 1.1% during the third quarter. FMR LLC now owns 6,954,476 shares of the company’s stock valued at $128,310,000 after acquiring an additional 77,508 shares during the last quarter. RTW Investments LP lifted its stake in shares of CARGO Therapeutics by 0.5% in the 3rd quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock valued at $75,626,000 after purchasing an additional 20,833 shares during the period. Perceptive Advisors LLC boosted its position in shares of CARGO Therapeutics by 6.8% during the 2nd quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock valued at $60,475,000 after purchasing an additional 235,000 shares in the last quarter. Janus Henderson Group PLC grew its stake in CARGO Therapeutics by 1.8% during the third quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock worth $49,335,000 after purchasing an additional 46,659 shares during the period. Finally, Wellington Management Group LLP increased its holdings in CARGO Therapeutics by 4.1% in the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock worth $37,688,000 after purchasing an additional 79,782 shares in the last quarter. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.