CARGO Therapeutics, Inc. (NASDAQ:CRGX) Short Interest Down 6.0% in August

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was the target of a large decrease in short interest during the month of August. As of August 15th, there was short interest totalling 4,080,000 shares, a decrease of 6.0% from the July 31st total of 4,340,000 shares. Currently, 12.9% of the company’s stock are short sold. Based on an average trading volume of 244,800 shares, the short-interest ratio is currently 16.7 days.

CARGO Therapeutics Trading Down 5.9 %

NASDAQ:CRGX opened at $17.75 on Wednesday. CARGO Therapeutics has a one year low of $13.14 and a one year high of $33.92. The company has a fifty day moving average price of $16.56 and a 200 day moving average price of $19.65.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. acquired a new stake in CARGO Therapeutics during the first quarter worth about $48,000. American International Group Inc. bought a new stake in shares of CARGO Therapeutics in the 1st quarter worth approximately $237,000. BNP Paribas Financial Markets acquired a new stake in shares of CARGO Therapeutics during the 1st quarter worth approximately $238,000. California State Teachers Retirement System bought a new stake in shares of CARGO Therapeutics during the first quarter valued at approximately $337,000. Finally, Rhumbline Advisers increased its position in shares of CARGO Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after purchasing an additional 3,765 shares during the period. Institutional investors and hedge funds own 93.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CRGX shares. Truist Financial reissued a “buy” rating and issued a $32.00 price target (down previously from $34.00) on shares of CARGO Therapeutics in a research report on Thursday, May 16th. HC Wainwright reiterated a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Piper Sandler cut their target price on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Finally, Chardan Capital started coverage on shares of CARGO Therapeutics in a report on Monday, July 8th. They set a “buy” rating and a $28.00 price target for the company. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $30.33.

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.