CARGO Therapeutics (NASDAQ:CRGX) Stock Price Up 6.3%

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s share price traded up 6.3% on Monday . The stock traded as high as $18.51 and last traded at $18.51. 170,399 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 271,118 shares. The stock had previously closed at $17.42.

Wall Street Analysts Forecast Growth

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

CARGO Therapeutics Price Performance

The business has a 50 day moving average price of $18.29 and a 200-day moving average price of $18.86.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings results 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. Sell-side analysts predict that CARGO Therapeutics, Inc. will post -4.37 earnings per share for the current fiscal year.

Insider Activity

In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was 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 of the company’s stock, valued at $2,600,742.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Anup Radhakrishnan sold 1,600 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the sale, the chief financial officer now owns 6,446 shares in the company, valued at approximately $162,954.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of the firm’s stock in a transaction dated 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 directly owns 103,905 shares in the company, valued at approximately $2,600,742.15. The disclosure for this sale can be found here. Company insiders own 1.38% of the company’s stock.

Institutional Trading of CARGO Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. purchased a new position in CARGO Therapeutics during the 1st quarter worth $48,000. American International Group Inc. bought a new stake in CARGO Therapeutics in the 1st quarter worth about $237,000. BNP Paribas Financial Markets purchased a new stake in CARGO Therapeutics in the 1st quarter valued at about $238,000. California State Teachers Retirement System purchased a new stake in CARGO Therapeutics in the 1st quarter valued at about $337,000. Finally, Swiss National Bank bought a new position in shares of CARGO Therapeutics during the 1st quarter worth approximately $636,000. 93.16% of the stock is owned by 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.