CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Up – Still a Buy?

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $16.40, but opened at $16.82. CARGO Therapeutics shares last traded at $16.73, with a volume of 13,729 shares.

Analyst Ratings Changes

A number of research analysts have recently commented on CRGX shares. William Blair assumed coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They set an “outperform” rating for the company. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of CARGO Therapeutics in a research note on Friday, November 15th. Finally, Chardan Capital reissued a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $31.80.

CARGO Therapeutics Price Performance

The business has a 50-day moving average of $19.09 and a 200-day moving average of $18.16. The company has a market capitalization of $632.45 million and a P/E ratio of -3.23.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. Sell-side analysts predict that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Insider Buying and Selling

In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was 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 in the company, valued at approximately $2,600,742.15. This represents a 2.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the transaction, the chief financial officer now owns 6,446 shares in the company, valued at approximately $162,954.88. This represents a 19.89 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased its position in CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after buying an additional 9,311 shares in the last quarter. SG Americas Securities LLC acquired a new position in CARGO Therapeutics during the third quarter worth $234,000. California State Teachers Retirement System purchased a new position in CARGO Therapeutics during the first quarter worth about $337,000. MetLife Investment Management LLC grew its stake in shares of CARGO Therapeutics by 59.3% in the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after buying an additional 7,380 shares in the last quarter. Finally, 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 acquiring an additional 3,765 shares in the last quarter. 93.16% of the stock is 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.