Short Interest in CARGO Therapeutics, Inc. (NASDAQ:CRGX) Grows By 7.0%

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was the recipient of a large growth in short interest in July. As of July 15th, there was short interest totalling 3,990,000 shares, a growth of 7.0% from the June 30th total of 3,730,000 shares. Based on an average daily trading volume, of 194,000 shares, the short-interest ratio is currently 20.6 days. Currently, 12.2% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

CRGX has been the topic of several analyst reports. Truist Financial reiterated a “buy” rating and set a $32.00 price target (down previously from $34.00) on shares of CARGO Therapeutics in a report on Thursday, May 16th. HC Wainwright initiated coverage on CARGO Therapeutics in a report on Monday, July 22nd. They set a “buy” rating and a $33.00 price target on the stock. Chardan Capital initiated coverage on CARGO Therapeutics in a report on Monday, July 8th. They set a “buy” rating and a $28.00 price target on the stock. Finally, Piper Sandler initiated coverage on CARGO Therapeutics in a report on Thursday, June 27th. They set an “overweight” rating and a $37.00 price target on the stock. Seven research 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 $30.83.

Insider Activity

In other news, major shareholder Samsara Biocapital Gp, Llc purchased 294,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was purchased at an average cost of $17.00 per share, for a total transaction of $4,998,000.00. Following the completion of the transaction, the insider now owns 4,415,689 shares of the company’s stock, valued at $75,066,713. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.38% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its stake in CARGO Therapeutics by 11.5% in 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 last quarter. California State Teachers Retirement System acquired a new stake in shares of CARGO Therapeutics in the first quarter valued at approximately $337,000. Price T Rowe Associates Inc. MD grew its position in shares of CARGO Therapeutics by 38.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock valued at $69,044,000 after purchasing an additional 854,840 shares during the last quarter. StemPoint Capital LP boosted its position in CARGO Therapeutics by 90.2% during the first quarter. StemPoint Capital LP now owns 51,126 shares of the company’s stock worth $1,141,000 after acquiring an additional 24,251 shares during the last quarter. Finally, American International Group Inc. acquired a new stake in CARGO Therapeutics during the first quarter worth approximately $237,000. Institutional investors and hedge funds own 93.16% of the company’s stock.

CARGO Therapeutics Stock Performance

Shares of CARGO Therapeutics stock traded down $0.17 on Thursday, reaching $16.86. 138,973 shares of the company were exchanged, compared to its average volume of 234,982. CARGO Therapeutics has a 1-year low of $13.14 and a 1-year high of $33.92. The stock’s 50 day moving average price is $17.10 and its 200-day moving average price is $20.61.

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

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.