Short Interest in CARGO Therapeutics, Inc. (NASDAQ:CRGX) Grows By 7.1%

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw 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. Approximately 18.9% of the shares of the stock are short sold. Based on an average trading volume of 222,000 shares, the days-to-cover ratio is currently 27.3 days.

Institutional Investors Weigh In On CARGO Therapeutics

A number of large investors have recently added to or reduced their stakes in CRGX. Rhumbline Advisers grew its position in CARGO Therapeutics by 14.0% during 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 period. JPMorgan Chase & Co. grew its position in shares of CARGO Therapeutics by 74.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after acquiring an additional 6,426 shares during the period. Bank of New York Mellon Corp grew its position in shares of CARGO Therapeutics by 11.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock valued at $1,136,000 after acquiring an additional 7,146 shares during the period. MetLife Investment Management LLC increased its stake in shares of CARGO Therapeutics by 59.3% in the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after purchasing an additional 7,380 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in CARGO Therapeutics by 437.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after purchasing an additional 9,311 shares during the period. Institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Stock Performance

Shares of NASDAQ CRGX traded up $0.18 during trading hours on Thursday, hitting $14.60. The company’s stock had a trading volume of 6,432 shares, compared to its average volume of 258,750. The business has a 50-day simple moving average of $17.39 and a 200-day simple moving average of $17.77. The stock has a market cap of $672.01 million and a price-to-earnings ratio of -3.43. CARGO Therapeutics has a 12 month low of $12.17 and a 12 month high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. On average, equities research analysts forecast that CARGO Therapeutics will post -3.73 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on CRGX shares. Chardan Capital restated a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a report on Wednesday, November 13th. William Blair began coverage on shares of CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating for the company. Finally, HC Wainwright restated a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research note on Friday, November 15th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, CARGO Therapeutics has an average rating of “Buy” and an average price target of $31.80.

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.