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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw a large increase in short interest in the month of 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 sold short. Based on an average trading volume of 222,000 shares, the short-interest ratio is currently 27.3 days.

Institutional Investors Weigh In On CARGO Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in CARGO Therapeutics by 74.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after buying an additional 6,426 shares during the period. Barclays PLC grew its holdings in CARGO Therapeutics by 226.7% in the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock valued at $1,039,000 after purchasing an additional 39,102 shares during the period. Geode Capital Management LLC raised its stake in CARGO Therapeutics by 80.6% during the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after purchasing an additional 374,018 shares during the period. Wellington Management Group LLP boosted its holdings in shares of CARGO Therapeutics by 4.1% in the 3rd quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock valued at $37,688,000 after purchasing an additional 79,782 shares during the last quarter. Finally, Sphera Funds Management LTD. grew its stake in shares of CARGO Therapeutics by 22.5% during the 3rd quarter. Sphera Funds Management LTD. now owns 190,506 shares of the company’s stock valued at $3,515,000 after buying an additional 35,000 shares during the period. Hedge funds and other institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Stock Up 1.9 %

CRGX opened at $14.69 on Thursday. The business’s fifty day simple moving average is $17.39 and its 200 day simple moving average is $17.77. CARGO Therapeutics has a 52 week low of $12.17 and a 52 week high of $33.92. The firm has a market cap of $676.15 million and a P/E ratio of -3.45.

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. As a group, equities analysts expect that CARGO Therapeutics will post -3.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research note on Friday, November 15th. William Blair began coverage on CARGO Therapeutics in a research note on Tuesday, November 26th. They set an “outperform” rating for the company. Finally, Chardan Capital reissued a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, CARGO Therapeutics presently has an average rating of “Buy” and a consensus price target of $31.80.

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.