CARGO Therapeutics (NASDAQ:CRGX) Shares Up 6.2% – Here’s What Happened

by · The Cerbat Gem

CARGO Therapeutics, Inc. (NASDAQ:CRGX – Get Free Report) shares rose 6.2% during mid-day trading on Friday . The company traded as high as $20.06 and last traded at $19.97. Approximately 40,548 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 266,904 shares. The stock had previously closed at $18.80.

Wall Street Analyst Weigh In

CRGX has been the subject of several recent analyst reports. Piper Sandler decreased their target price on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Chardan Capital initiated coverage on CARGO Therapeutics in a research note on Monday, July 8th. They set a “buy” rating and a $28.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $30.33.

View Our Latest Research Report on CRGX

CARGO Therapeutics Stock Performance

The company has a market capitalization of $917.24 million and a PE ratio of -0.39. The stock has a 50 day moving average price of $18.54 and a two-hundred day moving average price of $18.51.

CARGO Therapeutics (NASDAQ:CRGX – Get Free Report) last issued its quarterly earnings data on Monday, August 12th. The company reported ($1.02) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.04. Sell-side analysts predict that CARGO Therapeutics, Inc. will post -4.37 earnings per share for the current year.

Insider Activity at CARGO Therapeutics

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

Institutional Investors Weigh In On CARGO Therapeutics

Hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. bought a new position in shares of CARGO Therapeutics in the first quarter worth about $48,000. American International Group Inc. bought a new position in CARGO Therapeutics in the 1st quarter worth approximately $237,000. BNP Paribas Financial Markets acquired a new position in shares of CARGO Therapeutics during the first quarter worth approximately $238,000. SG Americas Securities LLC bought a new stake in shares of CARGO Therapeutics in the third quarter valued at approximately $234,000. Finally, California State Teachers Retirement System acquired a new stake in shares of CARGO Therapeutics in the first quarter worth $337,000. 93.16% of the stock is currently owned by institutional investors.

CARGO Therapeutics Company Profile

(Get Free Report)

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.

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