CARGO Therapeutics, Inc. (NASDAQ:CRGX) Short Interest Up 7.1% in October

CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report) was the target of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 5,430,000 shares, an increase of 7.1% from the September 30th total of 5,070,000 shares. Currently, 17.2% of the company's shares are short sold. Based on an average daily volume of 317,000 shares, the short-interest ratio is presently 17.1 days.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Piper Sandler cut their target price on 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 restated a "buy" rating and set a $33.00 price target on shares of CARGO Therapeutics in a report on Tuesday, August 13th. Finally, Chardan Capital began coverage on shares of CARGO Therapeutics in a research report on Monday, July 8th. They set a "buy" rating and a $28.00 price objective for the company. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CARGO Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $30.33.

Insider Buying and Selling

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

Institutional Inflows and Outflows

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

CARGO Therapeutics Stock Up 4.5 %

NASDAQ:CRGX traded up $0.87 on Friday, hitting $20.37. The stock had a trading volume of 95,811 shares, compared to its average volume of 260,002. CARGO Therapeutics has a 52 week low of $13.14 and a 52 week high of $33.92. The business's fifty day moving average is $20.16 and its 200 day moving average is $18.52. The company has a market cap of $934.98 million and a PE ratio of -0.40.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last issued its earnings results on Monday, August 12th. The company reported ($1.02) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.06) by $0.04. Equities analysts predict that CARGO Therapeutics will post -4.37 earnings per share 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.