Short Interest in CARGO Therapeutics, Inc. (NASDAQ:CRGX) Declines By 9.7%

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 4,170,000 shares, a drop of 9.7% from the August 31st total of 4,620,000 shares. Based on an average daily volume of 326,600 shares, the days-to-cover ratio is presently 12.8 days. Approximately 13.2% of the shares of the company are sold short.

CARGO Therapeutics Stock Performance

NASDAQ:CRGX traded down $0.49 during trading hours on Tuesday, hitting $17.96. The company’s stock had a trading volume of 89,137 shares, compared to its average volume of 270,798. The stock has a fifty day simple moving average of $18.28 and a 200-day simple moving average of $18.95. CARGO Therapeutics has a twelve month low of $13.14 and a twelve month high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings data on Monday, August 12th. The company reported ($1.02) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.04. On average, analysts anticipate that CARGO Therapeutics will post -4.37 EPS for the current fiscal year.

Insider Activity

In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction of $74,464.25. Following the sale, the chief executive officer now owns 103,905 shares in the company, valued at $2,600,742.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total value of $40,448.00. Following the completion of the transaction, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at $162,954.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.03, for a total value of $74,464.25. Following the sale, the chief executive officer now directly owns 103,905 shares of the company’s stock, valued at $2,600,742.15. The disclosure for this sale can be found here. Insiders own 1.38% of the company’s stock.

Institutional Trading of CARGO Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Novo Holdings A S boosted its stake in shares of CARGO Therapeutics by 23.5% during the second quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock valued at $25,352,000 after purchasing an additional 294,000 shares in the last quarter. Perceptive Advisors LLC boosted its stake in shares of CARGO Therapeutics by 6.8% during the second 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. CVI Holdings LLC acquired a new stake in shares of CARGO Therapeutics during the second quarter valued at about $1,149,000. The Manufacturers Life Insurance Company boosted its stake in shares of CARGO Therapeutics by 20.3% during the second quarter. The Manufacturers Life Insurance Company now owns 159,019 shares of the company’s stock valued at $2,611,000 after purchasing an additional 26,808 shares in the last quarter. Finally, Yu Fan bought a new position in shares of CARGO Therapeutics during the second quarter worth about $14,975,000. 93.16% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CRGX shares. Piper Sandler reduced their price target on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. HC Wainwright restated a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Finally, Chardan Capital started coverage on CARGO Therapeutics in a research note on Monday, July 8th. They issued a “buy” rating and a $28.00 price target on the stock. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, CARGO Therapeutics presently has a consensus rating of “Buy” and an average target price of $30.33.

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.