CARGO Therapeutics (NASDAQ:CRGX) Stock Price Up 6.2% – What’s Next?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) 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 trading, a decline of 85% from the average daily volume of 266,904 shares. The stock had previously closed at $18.80.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRGX. HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a report on Tuesday, August 13th. Chardan Capital started coverage on CARGO Therapeutics in a research note on Monday, July 8th. They issued a “buy” rating and a $28.00 price target on the stock. Finally, Piper Sandler lowered their target price on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CARGO Therapeutics has a consensus rating of “Buy” and an average price target of $30.33.

CARGO Therapeutics Stock Performance

The company has a market capitalization of $919.99 million and a P/E ratio of -0.40. The stock has a fifty day moving average of $18.45 and a 200 day moving average of $18.58.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings data on Monday, August 12th. The company reported ($1.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.04. Research analysts anticipate that CARGO Therapeutics, Inc. will post -4.37 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of CARGO Therapeutics

Large investors have recently added to or reduced their stakes in the company. Swiss National Bank purchased a new position in shares of CARGO Therapeutics in the first quarter valued at $636,000. Price T Rowe Associates Inc. MD lifted its position in CARGO Therapeutics by 38.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock valued at $69,044,000 after purchasing an additional 854,840 shares during the last quarter. Perceptive Advisors LLC purchased a new position in shares of CARGO Therapeutics in the 4th quarter worth $79,557,000. Wellington Management Group LLP bought a new stake in shares of CARGO Therapeutics in the 4th quarter worth about $39,009,000. Finally, Yu Fan purchased a new stake in shares of CARGO Therapeutics during the 2nd quarter valued at about $14,975,000. Institutional investors own 93.16% of the company’s stock.

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.