CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Up – Should You Buy?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) gapped up prior to trading on Tuesday . The stock had previously closed at $16.42, but opened at $16.92. CARGO Therapeutics shares last traded at $17.14, with a volume of 57,473 shares.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research note on Friday, November 15th. Piper Sandler dropped their price target on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. Chardan Capital reissued a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Finally, William Blair began coverage on shares of CARGO Therapeutics in a research note on Tuesday. They issued an “outperform” rating on the stock. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $30.33.

CARGO Therapeutics Stock Performance

The stock has a market capitalization of $813.35 million and a P/E ratio of -4.15. The company’s 50-day moving average price is $19.61 and its 200 day moving average price is $18.39.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, beating the consensus estimate of ($1.14) by $0.26. Analysts predict that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Gina Chapman sold 2,975 shares of the business’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 transaction, the chief executive officer now owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. The trade was a 2.78 % decrease in their ownership of the stock. The transaction 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 transaction of $40,448.00. Following 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 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

Several large investors have recently made changes to their positions in CRGX. FMR LLC grew its holdings in CARGO Therapeutics by 1.1% during the 3rd quarter. FMR LLC now owns 6,954,476 shares of the company’s stock valued at $128,310,000 after buying an additional 77,508 shares in the last quarter. RTW Investments LP grew its holdings in CARGO Therapeutics by 0.5% during the 3rd quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock valued at $75,626,000 after buying an additional 20,833 shares in the last quarter. Perceptive Advisors LLC grew its holdings in CARGO Therapeutics by 6.8% during the 2nd quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock valued at $60,475,000 after buying an additional 235,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in CARGO Therapeutics by 38.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock valued at $69,044,000 after buying an additional 854,840 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in CARGO Therapeutics by 1.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock valued at $49,335,000 after buying an additional 46,659 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.