CARGO Therapeutics (NASDAQ:CRGX) Trading Up 6.3%

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) were up 6.3% during mid-day trading on Monday . The stock traded as high as $18.51 and last traded at $18.51. Approximately 170,399 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 271,118 shares. The stock had previously closed at $17.42.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CRGX shares. 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 report on Tuesday, August 13th. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a report on Tuesday, August 13th. Finally, Chardan Capital began coverage on shares of CARGO Therapeutics in a report on Monday, July 8th. They issued a “buy” rating and a $28.00 price target on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $30.33.

CARGO Therapeutics Stock Performance

The company’s 50 day moving average price is $18.25 and its 200-day moving average price is $19.02.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings data on Monday, August 12th. The company reported ($1.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.04. On average, sell-side analysts forecast that CARGO Therapeutics, Inc. will post -4.37 EPS for the current fiscal year.

Insider Activity

In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total value of $74,464.25. Following the sale, the chief executive officer now owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Gina Chapman sold 2,975 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $25.03, for a total value of $74,464.25. Following the completion of the sale, the chief executive officer now directly owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total transaction of $40,448.00. Following the completion of the sale, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at $162,954.88. The disclosure for this sale can be found here. Corporate insiders own 1.38% of the company’s stock.

Institutional Trading of CARGO Therapeutics

A number of large investors have recently made changes to their positions in CRGX. Novo Holdings A S boosted its position in shares of CARGO Therapeutics by 23.5% in the second quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock worth $25,352,000 after purchasing an additional 294,000 shares during the period. Perceptive Advisors LLC boosted its position in shares of 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. CVI Holdings LLC bought a new position in shares of CARGO Therapeutics in the second quarter worth approximately $1,149,000. The Manufacturers Life Insurance Company lifted its holdings in shares of CARGO Therapeutics by 20.3% in the second quarter. The Manufacturers Life Insurance Company now owns 159,019 shares of the company’s stock worth $2,611,000 after buying an additional 26,808 shares in the last quarter. Finally, Yu Fan purchased a new position in shares of CARGO Therapeutics in the second quarter worth $14,975,000. 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.