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

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $21.14, but opened at $22.98. CARGO Therapeutics shares last traded at $21.99, with a volume of 12,764 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CRGX shares. HC Wainwright restated a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Piper Sandler dropped their price objective on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $30.33.

CARGO Therapeutics Stock Down 5.8 %

The stock has a market cap of $914.33 million and a P/E ratio of -0.43. The business has a 50 day moving average price of $20.60 and a 200 day moving average price of $18.61.

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

Insiders Place Their Bets

In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was 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 of the company’s stock, valued at approximately $2,600,742.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of the 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 transaction, the chief executive officer now directly owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics stock in a transaction that occurred 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 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 trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is owned by insiders.

Institutional Trading of CARGO Therapeutics

A number of institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. acquired a new position in CARGO Therapeutics in the 1st quarter valued at approximately $48,000. Rhumbline Advisers raised its stake in shares of 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 in the last quarter. Bank of New York Mellon Corp raised 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 valued at $1,136,000 after buying an additional 7,146 shares in the last quarter. American International Group Inc. acquired a new stake in CARGO Therapeutics in the 1st quarter valued at about $237,000. Finally, BNP Paribas Financial Markets bought a new position in shares of CARGO Therapeutics in the 1st quarter valued at about $238,000. 93.16% of the stock is owned by institutional investors and hedge funds.

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.