Fmr LLC Grows Stock Holdings in CARGO Therapeutics, Inc. (NASDAQ:CRGX)

Fmr LLC raised its stake in shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) by 1.1% in the 3rd quarter, Holdings Channel reports. The fund owned 6,954,476 shares of the company’s stock after acquiring an additional 77,508 shares during the quarter. Fmr LLC owned 0.15% of CARGO Therapeutics worth $128,310,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of CRGX. Rhumbline Advisers grew its position 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 buying an additional 3,765 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of CARGO Therapeutics by 11.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after acquiring an additional 7,146 shares during the period. SG Americas Securities LLC purchased a new stake in shares of CARGO Therapeutics in the third quarter valued at about $234,000. California State Teachers Retirement System acquired a new position in shares of CARGO Therapeutics during the first quarter worth about $337,000. Finally, The Manufacturers Life Insurance Company raised its holdings in CARGO Therapeutics by 20.3% during the second quarter. The Manufacturers Life Insurance Company now owns 159,019 shares of the company’s stock worth $2,611,000 after purchasing an additional 26,808 shares in the last quarter. Institutional investors and hedge funds own 93.16% of the company’s stock.

Insider Activity

In other news, CFO Anup Radhakrishnan sold 1,600 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total value of $40,448.00. Following the completion of the transaction, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at $162,954.88. The trade was a 19.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Gina Chapman sold 2,975 shares of the company’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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CRGX shares. Chardan Capital reiterated a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. William Blair started coverage on CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating on the stock. HC Wainwright reissued a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a report on Friday, November 15th. Finally, Piper Sandler cut 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. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $30.33.

CARGO Therapeutics Stock Performance

CRGX opened at $18.14 on Wednesday. CARGO Therapeutics, Inc. has a one year low of $13.56 and a one year high of $33.92. The company has a market cap of $834.98 million and a price-to-earnings ratio of -4.26. The business’s fifty day moving average is $19.29 and its two-hundred day moving average is $18.31.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings data 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, analysts predict that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

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.