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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $14.50, but opened at $17.21. CARGO Therapeutics shares last traded at $15.41, with a volume of 51,540 shares traded.

The company reported ($1.02) EPS for the quarter, beating the consensus estimate of ($1.06) by $0.04.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CRGX shares. HC Wainwright restated a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research note on Tuesday. Chardan Capital assumed coverage on CARGO Therapeutics in a report on Monday, July 8th. They issued a “buy” rating and a $28.00 price target for the company. Truist Financial reissued a “buy” rating and set a $32.00 price target (down from $34.00) on shares of CARGO Therapeutics in a research report on Thursday, May 16th. Finally, Piper Sandler lowered their target price 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. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $30.33.

Insiders Place Their Bets

In other CARGO Therapeutics news, major shareholder Samsara Biocapital Gp, Llc acquired 294,000 shares of CARGO Therapeutics 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 transaction, the insider now owns 4,415,689 shares in the company, valued at approximately $75,066,713. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.38% of the stock is owned by company insiders.

Institutional Trading of CARGO Therapeutics

A number of hedge funds have recently made changes to their positions in CRGX. RTW Investments LP purchased a new stake in CARGO Therapeutics in the 4th quarter worth approximately $119,821,000. Perceptive Advisors LLC acquired a new stake in CARGO Therapeutics during the fourth quarter valued at $79,557,000. Wellington Management Group LLP purchased a new position in CARGO Therapeutics in the fourth quarter valued at about $39,009,000. Price T Rowe Associates Inc. MD increased its position in CARGO Therapeutics by 38.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock worth $69,044,000 after purchasing an additional 854,840 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of CARGO Therapeutics by 179.5% during the 1st quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock worth $24,916,000 after purchasing an additional 716,868 shares in the last quarter. 93.16% of the stock is owned by hedge funds and other institutional investors.

CARGO Therapeutics Stock Up 6.3 %

The company has a 50 day moving average of $16.37 and a 200 day moving average of $20.24.

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.