CARGO Therapeutics (NASDAQ:CRGX) Posts Earnings Results, Beats Estimates By $0.26 EPS

CARGO Therapeutics (NASDAQ:CRGX) released its quarterly earnings results on Tuesday. The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.14) by $0.26, Zacks reports.

CARGO Therapeutics Trading Down 10.7 %

Shares of CARGO Therapeutics stock traded down $2.03 during trading hours on Thursday, reaching $17.00. 247,618 shares of the company’s stock were exchanged, compared to its average volume of 256,511. The firm has a market capitalization of $780.30 million and a price-to-earnings ratio of -4.27. The company has a fifty day moving average of $20.69 and a 200-day moving average of $18.63. CARGO Therapeutics has a 52-week low of $13.56 and a 52-week high of $33.92.

Insider Buying and Selling

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 transaction, the chief financial officer now owns 6,446 shares of the company’s stock, valued at $162,954.88. This trade represents a 19.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics 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 approximately $2,600,742.15. This trade represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have weighed in on CRGX. Chardan Capital restated a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday. Piper Sandler dropped their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus 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.