CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Up Following Earnings Beat

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $21.14, but opened at $22.98. CARGO Therapeutics shares last traded at $21.99, with a volume of 12,764 shares changing hands.

The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.14) by $0.26.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Piper Sandler cut 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. Chardan Capital reaffirmed a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research report on Wednesday. Finally, HC Wainwright reiterated a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $30.33.

Insiders Place Their Bets

In other news, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $25.03, for a total value of $74,464.25. Following the completion of the sale, the chief executive officer now owns 103,905 shares in the company, valued at approximately $2,600,742.15. The trade was a 2.78 % decrease in their position. The transaction 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 company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was 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. The trade was a 19.89 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.38% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CRGX. Ameritas Investment Partners Inc. purchased a new stake in shares of CARGO Therapeutics during the 1st quarter worth $48,000. American International Group Inc. bought a new stake in shares of CARGO Therapeutics in the 1st quarter valued at about $237,000. BNP Paribas Financial Markets purchased a new position in shares of CARGO Therapeutics in the 1st quarter worth approximately $238,000. SG Americas Securities LLC purchased a new position in shares of CARGO Therapeutics in the 3rd quarter worth approximately $234,000. Finally, California State Teachers Retirement System bought a new position in shares of CARGO Therapeutics during the 1st quarter worth approximately $337,000. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

CARGO Therapeutics Price Performance

The stock’s 50-day moving average is $20.69 and its 200 day moving average is $18.63. The company has a market cap of $780.30 million and a PE ratio of -4.27.

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.