Insider Selling: CARGO Therapeutics, Inc. (NASDAQ:CRGX) CFO Sells 1,600 Shares of Stock

CARGO Therapeutics, Inc. (NASDAQ:CRGX) CFO Anup Radhakrishnan sold 1,600 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total value of $40,448.00. Following the transaction, the chief financial officer now directly owns 6,446 shares in the company, valued at approximately $162,954.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

CARGO Therapeutics Stock Performance

Shares of CARGO Therapeutics stock opened at $23.85 on Friday. The business has a 50 day moving average price of $18.09 and a 200 day moving average price of $19.53. CARGO Therapeutics, Inc. has a 1 year low of $13.14 and a 1 year high of $33.92.

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

Analyst Ratings Changes

CRGX has been the topic of a number of research analyst reports. Piper Sandler decreased their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Finally, Chardan Capital assumed coverage on CARGO Therapeutics in a research report on Monday, July 8th. They set a “buy” rating and a $28.00 target price on the stock. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $30.33.

Institutional Investors Weigh In On CARGO Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. purchased a new position in shares of CARGO Therapeutics during the 1st quarter worth about $48,000. Rhumbline Advisers increased its position in CARGO Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after purchasing an additional 3,765 shares during the last quarter. Bank of New York Mellon Corp raised its stake in CARGO Therapeutics by 11.5% during the second quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after purchasing an additional 7,146 shares during the period. American International Group Inc. acquired a new position in shares of CARGO Therapeutics in the 1st quarter valued at $237,000. Finally, BNP Paribas Financial Markets purchased a new stake in shares of CARGO Therapeutics during the 1st quarter valued at $238,000. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

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.