Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX – Get Free Report) saw an uptick in trading volume on Monday . 644,753 shares changed hands during trading, an increase of 167% from the previous session’s volume of 241,281 shares.The stock last traded at $17.25 and had previously closed at $16.57.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on CRGX. Piper Sandler cut their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Truist Financial reaffirmed a “buy” rating and issued a $32.00 price target (down previously from $34.00) on shares of CARGO Therapeutics in a research report on Thursday, May 16th. Chardan Capital started coverage on shares of CARGO Therapeutics in a research report on Monday, July 8th. They issued a “buy” rating and a $28.00 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $30.33.
View Our Latest Analysis on CRGX
CARGO Therapeutics Stock Performance
Insider Transactions at CARGO Therapeutics
In related news, major shareholder Samsara Biocapital Gp, Llc purchased 294,000 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was bought at an average price of $17.00 per share, for a total transaction of $4,998,000.00. Following the purchase, the insider now directly owns 4,415,689 shares in the company, valued at approximately $75,066,713. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.38% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of CRGX. Ameritas Investment Partners Inc. purchased a new position in CARGO Therapeutics in the 1st quarter valued at approximately $48,000. American International Group Inc. purchased a new position in CARGO Therapeutics in the 1st quarter valued at approximately $237,000. BNP Paribas Financial Markets purchased a new position in CARGO Therapeutics in the 1st quarter valued at approximately $238,000. California State Teachers Retirement System bought a new position in CARGO Therapeutics in the 1st quarter valued at $337,000. Finally, Rhumbline Advisers boosted its holdings in CARGO Therapeutics by 14.0% in the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after purchasing an additional 3,765 shares during the period. 93.16% of the stock is currently owned by hedge funds and other institutional investors.
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.
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