CARGO Therapeutics (NASDAQ:CRGX) Trading Up 8.7% - What's Next?

CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report) was up 8.7% during trading on Friday . The company traded as high as $18.60 and last traded at $18.60. Approximately 56,464 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 254,073 shares. The stock had previously closed at $17.11.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CRGX. Piper Sandler decreased their price target on CARGO Therapeutics from $37.00 to $34.00 and set an "overweight" rating for the company in a research note on Tuesday, August 13th. Chardan Capital restated a "buy" rating and set a $28.00 price target on shares of CARGO Therapeutics in a report on Wednesday, November 13th. HC Wainwright restated a "buy" rating and issued a $33.00 price target on shares of CARGO Therapeutics in a research report on Friday, November 15th. Finally, William Blair initiated coverage on shares of CARGO Therapeutics in a research report on Tuesday, November 26th. They set an "outperform" rating for the company. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, CARGO Therapeutics currently has an average rating of "Buy" and an average price target of $31.80.

CARGO Therapeutics Stock Up 7.9 %

The stock has a market capitalization of $850.17 million and a price-to-earnings ratio of -4.34. The company has a 50 day simple moving average of $19.25 and a 200-day simple moving average of $18.27.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.14) by $0.26. As a group, sell-side analysts anticipate that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Transactions at CARGO Therapeutics

In other news, CEO Gina Chapman sold 2,975 shares of the business's 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 sale, the chief executive officer now owns 103,905 shares in the company, valued at $2,600,742.15. The trade was a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Anup Radhakrishnan sold 1,600 shares of the company's stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total value of $40,448.00. Following the transaction, the chief financial officer now directly owns 6,446 shares in the company, 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. Insiders own 1.38% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CRGX. Vanguard Group Inc. increased its holdings in CARGO Therapeutics by 179.5% during the 1st quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company's stock worth $24,916,000 after purchasing an additional 716,868 shares in the last quarter. California State Teachers Retirement System bought a new stake in CARGO Therapeutics during the first quarter worth $337,000. Bank of New York Mellon Corp raised its position in 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 during the last quarter. Rhumbline Advisers raised 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 buying an additional 3,765 shares during the last quarter. Finally, TD Asset Management Inc lifted its stake in CARGO Therapeutics by 78.7% during the 2nd quarter. TD Asset Management Inc now owns 289,352 shares of the company's stock valued at $4,751,000 after acquiring an additional 127,418 shares in the last quarter. Institutional investors and hedge funds own 93.16% of the company's stock.

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.