CARGO Therapeutics (NASDAQ:CRGX) Shares Up 6.2% – Time to Buy?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) traded up 6.2% during mid-day trading on Friday . The stock traded as high as $20.06 and last traded at $19.97. 40,548 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 266,904 shares. The stock had previously closed at $18.80.

Wall Street Analyst Weigh In

CRGX has been the subject of a number of recent research reports. HC Wainwright restated a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Chardan Capital initiated coverage on shares of CARGO Therapeutics in a report on Monday, July 8th. They issued a “buy” rating and a $28.00 price objective on the stock. Finally, Piper Sandler cut their price objective 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. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $30.33.

CARGO Therapeutics Price Performance

The firm’s fifty day moving average is $18.54 and its two-hundred day moving average is $18.51. The firm has a market cap of $917.24 million and a price-to-earnings ratio of -0.39.

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

Insider Buying and Selling at CARGO Therapeutics

In other news, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total transaction of $40,448.00. Following the transaction, the chief financial officer now directly owns 6,446 shares in the company, valued at approximately $162,954.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Anup Radhakrishnan sold 1,600 shares of the firm’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 completion of the transaction, the chief financial officer now owns 6,446 shares in the company, valued at approximately $162,954.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 103,905 shares in the company, valued at $2,600,742.15. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of CRGX. Ameritas Investment Partners Inc. acquired a new stake in shares of CARGO Therapeutics during the first quarter worth $48,000. Rhumbline Advisers raised its holdings in CARGO Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after buying an additional 3,765 shares during the period. Bank of New York Mellon Corp lifted its stake in CARGO Therapeutics by 11.5% during the second quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock valued at $1,136,000 after buying an additional 7,146 shares in the last quarter. American International Group Inc. acquired a new position in shares of CARGO Therapeutics in the first quarter worth about $237,000. Finally, BNP Paribas Financial Markets purchased a new position in shares of CARGO Therapeutics in the first quarter worth approximately $238,000. Institutional investors and hedge funds own 93.16% of the company’s stock.

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.