Short Interest in CARGO Therapeutics, Inc. (NASDAQ:CRGX) Declines By 5.3%

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was the recipient of a large decline in short interest in April. As of April 15th, there was short interest totalling 3,400,000 shares, a decline of 5.3% from the March 31st total of 3,590,000 shares. Based on an average trading volume of 303,200 shares, the short-interest ratio is presently 11.2 days. Currently, 13.2% of the company’s stock are sold short.

CARGO Therapeutics Price Performance

Shares of CARGO Therapeutics stock traded up $0.04 during trading hours on Tuesday, reaching $19.10. 100,402 shares of the company’s stock were exchanged, compared to its average volume of 269,419. The business’s 50 day moving average is $23.51. CARGO Therapeutics has a fifty-two week low of $13.14 and a fifty-two week high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings results on Thursday, March 21st. The company reported ($1.49) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.62) by $0.13. As a group, sell-side analysts expect that CARGO Therapeutics will post -5.6 earnings per share for the current year.

Hedge Funds Weigh In On CARGO Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. bought a new position in shares of CARGO Therapeutics in the 4th quarter valued at about $13,333,000. RTW Investments LP bought a new position in CARGO Therapeutics during the fourth quarter worth about $119,821,000. Perceptive Advisors LLC acquired a new position in CARGO Therapeutics during the fourth quarter worth approximately $79,557,000. Finally, Wellington Management Group LLP bought a new position in shares of CARGO Therapeutics during the 4th quarter worth approximately $39,009,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Jefferies Financial Group raised their price target on shares of CARGO Therapeutics from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd.

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.