CARGO Therapeutics, Inc. (NASDAQ:CRGX) Short Interest Up 21.6% in September

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 5,070,000 shares, a growth of 21.6% from the September 15th total of 4,170,000 shares. Currently, 16.1% of the company’s shares are short sold. Based on an average daily volume of 325,200 shares, the days-to-cover ratio is presently 15.6 days.

Insider Activity

In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $25.03, for a total value of $74,464.25. Following the completion of the sale, the chief executive officer now directly owns 103,905 shares in the company, valued at approximately $2,600,742.15. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $25.03, for a total transaction of $74,464.25. Following the transaction, the chief executive officer now directly owns 103,905 shares in the company, valued at approximately $2,600,742.15. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total transaction of $40,448.00. Following the completion of the sale, the chief financial officer now owns 6,446 shares of the company’s stock, valued at $162,954.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On CARGO Therapeutics

Several large investors have recently bought and sold shares of CRGX. Ameritas Investment Partners Inc. purchased a new stake in shares of CARGO Therapeutics in the first quarter valued at about $48,000. SG Americas Securities LLC purchased a new stake in CARGO Therapeutics in the 3rd quarter valued at about $234,000. American International Group Inc. bought a new position in shares of CARGO Therapeutics during the 1st quarter worth approximately $237,000. BNP Paribas Financial Markets purchased a new position in shares of CARGO Therapeutics in the 1st quarter worth approximately $238,000. Finally, California State Teachers Retirement System bought a new position in shares of CARGO Therapeutics in the first quarter valued at approximately $337,000. 93.16% of the stock is currently owned by institutional investors.

CARGO Therapeutics Stock Performance

Shares of NASDAQ CRGX opened at $21.85 on Wednesday. The stock has a market cap of $1.00 billion and a price-to-earnings ratio of -0.43. CARGO Therapeutics has a fifty-two week low of $13.14 and a fifty-two week high of $33.92. The firm’s 50-day simple moving average is $18.79 and its 200 day simple moving average is $18.47.

CARGO Therapeutics (NASDAQ:CRGX) last posted its earnings results on Monday, August 12th. The company reported ($1.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.04. On average, sell-side analysts predict that CARGO Therapeutics will post -4.37 EPS for the current year.

Analyst Ratings Changes

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

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.