CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Up on Strong Earnings

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. 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.

The company reported ($0.88) EPS for the quarter, beating the consensus estimate of ($1.14) by $0.26.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Piper Sandler reduced their price objective 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. Finally, Chardan Capital reiterated a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a research report on Wednesday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $30.33.

Insiders Place Their Bets

In related news, CEO Gina Chapman sold 2,975 shares of the company’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 value of $74,464.25. Following the sale, the chief executive officer now owns 103,905 shares in the company, valued at $2,600,742.15. This represents a 2.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 completion of the sale, the chief financial officer now owns 6,446 shares in the company, valued at approximately $162,954.88. This represents a 19.89 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of CRGX. Yu Fan purchased a new stake in CARGO Therapeutics in the 2nd quarter valued at approximately $14,975,000. Price T Rowe Associates Inc. MD lifted its stake in CARGO Therapeutics by 38.2% in 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. Vanguard Group Inc. lifted its stake in CARGO Therapeutics by 179.5% in the 1st quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock valued at $24,916,000 after buying an additional 716,868 shares in the last quarter. Cowen AND Company LLC lifted its stake in CARGO Therapeutics by 121.7% in the 2nd quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock valued at $9,102,000 after buying an additional 304,305 shares in the last quarter. Finally, Novo Holdings A S lifted its stake in CARGO Therapeutics by 23.5% in the 2nd quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock valued at $25,352,000 after buying an additional 294,000 shares in the last quarter. Institutional investors and hedge funds own 93.16% of the company’s stock.

CARGO Therapeutics Trading Down 10.7 %

The business has a 50 day moving average of $20.69 and a 200-day moving average of $18.63. The stock has a market cap of $780.30 million and a PE ratio of -4.27.

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.