CARGO Therapeutics (NASDAQ:CRGX) Sees Unusually-High Trading Volume

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) 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.

CARGO Therapeutics Stock Performance

The company’s 50 day moving average price is $16.18 and its 200-day moving average price is $20.06.

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.