CARGO Therapeutics, Inc.’s (NASDAQ:CRGX) Lock-Up Period Set To Expire on May 8th

CARGO Therapeutics’ (NASDAQ:CRGX) lock-up period is set to expire on Wednesday, May 8th. CARGO Therapeutics had issued 18,750,000 shares in its public offering on November 10th. The total size of the offering was $281,250,000 based on an initial share price of $15.00. After the expiration of the company’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.

Analyst Ratings Changes

Separately, Jefferies Financial Group upped their price target on CARGO Therapeutics from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd.

CARGO Therapeutics Trading Down 3.0 %

Shares of CARGO Therapeutics stock opened at $20.33 on Friday. CARGO Therapeutics has a 52-week low of $13.14 and a 52-week high of $33.92. The business’s 50-day moving average price is $23.30.

CARGO Therapeutics (NASDAQ:CRGX) last issued its earnings results on Thursday, March 21st. The company reported ($1.49) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.62) by $0.13. Equities analysts anticipate that CARGO Therapeutics will post -5.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CARGO Therapeutics

Institutional investors have recently made changes to their positions in the stock. RTW Investments LP purchased a new stake in CARGO Therapeutics during the fourth quarter worth about $119,821,000. Perceptive Advisors LLC purchased a new stake in shares of CARGO Therapeutics during the 4th quarter worth approximately $79,557,000. Wellington Management Group LLP acquired a new stake in shares of CARGO Therapeutics in the 4th quarter worth approximately $39,009,000. Franklin Resources Inc. purchased a new position in CARGO Therapeutics in the 4th quarter valued at approximately $13,333,000. Finally, BNP Paribas Financial Markets acquired a new position in CARGO Therapeutics during the first quarter worth $238,000. 93.16% of the stock is currently owned by hedge funds and other 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.