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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) 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 traded.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CRGX shares. Chardan Capital restated a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. William Blair started coverage on shares of CARGO Therapeutics in a research report on Tuesday. They issued an “outperform” rating on the stock. HC Wainwright restated a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a research report on Friday, November 15th. Finally, Piper Sandler dropped their target price 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. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $30.33.

CARGO Therapeutics Price Performance

The stock has a market cap of $813.35 million and a price-to-earnings ratio of -4.15. The company’s fifty day simple moving average is $19.61 and its two-hundred day simple moving average is $18.39.

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

Insider Buying and Selling

In related news, CFO Anup Radhakrishnan sold 1,600 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total transaction of $40,448.00. Following the transaction, the chief financial officer now owns 6,446 shares in the company, valued at $162,954.88. The trade was a 19.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of the business’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 transaction, the chief executive officer now owns 103,905 shares in the company, valued at $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 owned by insiders.

Institutional Investors Weigh In On CARGO Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC grew its holdings in CARGO Therapeutics by 1.1% in the third quarter. FMR LLC now owns 6,954,476 shares of the company’s stock worth $128,310,000 after purchasing an additional 77,508 shares during the period. RTW Investments LP grew its holdings in CARGO Therapeutics by 0.5% in the third quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock worth $75,626,000 after purchasing an additional 20,833 shares during the period. Perceptive Advisors LLC grew its holdings in CARGO Therapeutics by 6.8% in the second quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after purchasing an additional 235,000 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in CARGO Therapeutics by 38.2% in the first 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 period. Finally, Janus Henderson Group PLC grew its holdings in CARGO Therapeutics by 1.8% in the third quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock worth $49,335,000 after purchasing an additional 46,659 shares during the period. Hedge funds and other institutional investors own 93.16% of the company’s stock.

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.