CARGO Therapeutics, Inc. (NASDAQ:CRGX) Short Interest Up 5.9% in April

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw a large growth in short interest during the month of April. As of April 30th, there was short interest totalling 3,600,000 shares, a growth of 5.9% from the April 15th total of 3,400,000 shares. Approximately 14.0% of the company’s shares are short sold. Based on an average daily volume of 303,000 shares, the days-to-cover ratio is currently 11.9 days.

Institutional Trading of CARGO Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. acquired a new position in CARGO Therapeutics during the 1st quarter worth approximately $48,000. American International Group Inc. bought a new stake in CARGO Therapeutics during the first quarter valued at $237,000. BNP Paribas Financial Markets bought a new stake in CARGO Therapeutics during the first quarter valued at approximately $238,000. California State Teachers Retirement System purchased a new stake in CARGO Therapeutics during the first quarter valued at about $337,000. Finally, Swiss National Bank bought a new stake in shares of CARGO Therapeutics in the 1st quarter worth approximately $636,000. Institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Stock Down 4.3 %

Shares of NASDAQ:CRGX traded down $0.92 during trading on Friday, reaching $20.42. 154,175 shares of the stock were exchanged, compared to its average volume of 155,956. CARGO Therapeutics has a 12 month low of $13.14 and a 12 month high of $33.92. The company’s 50-day moving average is $22.00.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings results on Thursday, March 21st. The company reported ($1.49) earnings per share for the quarter, topping the consensus estimate of ($1.62) by $0.13. Equities research analysts expect that CARGO Therapeutics will post -5.05 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CRGX shares. Jefferies Financial Group increased their price target on CARGO Therapeutics from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Truist Financial reaffirmed a “buy” rating and issued a $32.00 price objective (down from $34.00) on shares of CARGO Therapeutics in a research report on Thursday.

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.