CARGO Therapeutics (NASDAQ:CRGX) Trading Up 8.7% – What’s Next?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shot up 8.7% on Friday . The stock traded as high as $18.60 and last traded at $18.60. 56,464 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 254,073 shares. The stock had previously closed at $17.11.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CRGX shares. Piper Sandler reduced their target price on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. William Blair began coverage on shares of CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating for the company. HC Wainwright restated a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research note on Friday, November 15th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, CARGO Therapeutics currently has an average rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Stock Performance

The company has a market capitalization of $849.22 million and a P/E ratio of -4.02. The company’s fifty day simple moving average is $19.23 and its 200-day simple moving average is $18.30.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. On average, sell-side analysts predict that CARGO Therapeutics, Inc. will post -3.73 EPS for the current year.

Insider Activity

In other CARGO Therapeutics news, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s 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 transaction, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. This trade represents a 19.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Gina Chapman sold 2,975 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was 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 approximately $2,600,742.15. This trade represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.38% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of CARGO Therapeutics by 179.5% in the 1st quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock valued at $24,916,000 after purchasing an additional 716,868 shares during the period. California State Teachers Retirement System purchased a new stake in shares of CARGO Therapeutics during the 1st quarter worth about $337,000. Bank of New York Mellon Corp boosted its stake in shares of CARGO Therapeutics by 11.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after acquiring an additional 7,146 shares in the last quarter. Rhumbline Advisers grew its position in shares of CARGO Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after acquiring an additional 3,765 shares during the period. Finally, TD Asset Management Inc increased its stake in shares of CARGO Therapeutics by 78.7% in the 2nd quarter. TD Asset Management Inc now owns 289,352 shares of the company’s stock valued at $4,751,000 after purchasing an additional 127,418 shares in the last quarter. 93.16% of the stock is owned by institutional investors and hedge funds.

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.