CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Up – What’s Next?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares gapped up prior to trading on Tuesday . The stock had previously closed at $16.42, but opened at $16.92. CARGO Therapeutics shares last traded at $17.14, with a volume of 57,473 shares trading hands.

Analyst Ratings Changes

Several research firms have issued reports on CRGX. William Blair began coverage on CARGO Therapeutics in a research note on Tuesday. They issued an “outperform” rating on the stock. Piper Sandler decreased their price target on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th. HC Wainwright reissued a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research report on Friday, November 15th. Finally, Chardan Capital reiterated a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $30.33.

CARGO Therapeutics Stock Performance

The stock has a market capitalization of $792.64 million and a price-to-earnings ratio of -3.85. The business has a fifty day simple moving average of $19.86 and a 200 day simple moving average of $18.41.

CARGO Therapeutics (NASDAQ:CRGX) last announced its earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.26. On average, sell-side analysts forecast that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Activity at CARGO Therapeutics

In other news, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total transaction of $40,448.00. Following the completion of the transaction, the chief financial officer now owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. This trade represents a 19.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the sale, the chief executive officer now directly owns 103,905 shares in the company, valued at approximately $2,600,742.15. This represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is currently owned by insiders.

Institutional Trading of CARGO Therapeutics

Several institutional investors have recently added to or reduced their stakes in CRGX. Barclays PLC grew its holdings in CARGO Therapeutics by 226.7% during the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after acquiring an additional 39,102 shares during the period. Geode Capital Management LLC boosted its position in shares of CARGO Therapeutics by 80.6% during the 3rd quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock valued at $15,469,000 after purchasing an additional 374,018 shares in the last quarter. Wellington Management Group LLP grew its stake in CARGO Therapeutics by 4.1% during the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock worth $37,688,000 after purchasing an additional 79,782 shares during the period. Sphera Funds Management LTD. increased its holdings in CARGO Therapeutics by 22.5% in the third quarter. Sphera Funds Management LTD. now owns 190,506 shares of the company’s stock worth $3,515,000 after purchasing an additional 35,000 shares in the last quarter. Finally, State Street Corp lifted its stake in CARGO Therapeutics by 11.7% in the third quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after buying an additional 88,000 shares during the period. 93.16% of the stock is currently owned by 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.