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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares 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 trading hands.

Wall Street Analysts Forecast Growth

CRGX has been the subject of several research reports. William Blair began coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They issued an “outperform” rating for the company. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research report on Friday, November 15th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Stock Down 1.7 %

The stock has a market capitalization of $741.97 million and a P/E ratio of -3.85. The firm has a 50-day moving average of $19.14 and a 200 day moving average of $18.18.

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

Insider Buying and Selling at CARGO Therapeutics

In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction 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 of the company’s stock, valued at approximately $2,600,742.15. This trade represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 completion of the sale, the chief financial officer now owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. This trade represents a 19.89 % 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.

Institutional Trading of CARGO Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in CRGX. California State Teachers Retirement System acquired a new stake in shares of CARGO Therapeutics in the first quarter valued at $337,000. Bank of New York Mellon Corp increased its stake in shares of CARGO Therapeutics by 11.5% in 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. Rhumbline Advisers increased its stake in shares of CARGO Therapeutics by 14.0% in the second 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. TD Asset Management Inc increased its stake in shares of CARGO Therapeutics by 78.7% in the second quarter. TD Asset Management Inc now owns 289,352 shares of the company’s stock valued at $4,751,000 after buying an additional 127,418 shares in the last quarter. Finally, Cowen AND Company LLC increased its position in CARGO Therapeutics by 121.7% in the second quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock worth $9,102,000 after purchasing an additional 304,305 shares during the period. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.