CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Up to $14.60

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares gapped up prior to trading on Thursday . The stock had previously closed at $14.60, but opened at $15.28. CARGO Therapeutics shares last traded at $15.25, with a volume of 13,303 shares traded.

Analysts Set New Price Targets

A number of research firms recently issued reports on CRGX. Truist Financial reaffirmed a “buy” rating and issued a $32.00 target price (down previously from $34.00) on shares of CARGO Therapeutics in a research note on Thursday, May 16th. Jefferies Financial Group upped their target price on CARGO Therapeutics from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Finally, Piper Sandler began coverage on CARGO Therapeutics in a research note on Thursday. They issued an “overweight” rating and a $37.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $31.00.

CARGO Therapeutics Trading Up 5.0 %

The business has a 50 day simple moving average of $18.49 and a two-hundred day simple moving average of $21.23.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings results on Tuesday, May 14th. The company reported ($0.87) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.18. As a group, sell-side analysts expect that CARGO Therapeutics, Inc. will post -4.82 earnings per share for the current year.

Insiders Place Their Bets

In other CARGO Therapeutics news, major shareholder Samsara Biocapital Gp, Llc purchased 294,000 shares of CARGO Therapeutics stock in a transaction on Thursday, May 30th. The shares were bought at an average price of $17.00 per share, with a total value of $4,998,000.00. Following the purchase, the insider now directly owns 4,415,689 shares in the company, valued at approximately $75,066,713. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.38% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. purchased a new position in shares of CARGO Therapeutics in the 1st quarter worth $48,000. American International Group Inc. purchased a new position in shares of CARGO Therapeutics in the 1st quarter worth $237,000. BNP Paribas Financial Markets purchased a new position in shares of CARGO Therapeutics in the 1st quarter worth $238,000. California State Teachers Retirement System purchased a new position in shares of CARGO Therapeutics in the 1st quarter worth $337,000. Finally, Swiss National Bank purchased a new position in shares of CARGO Therapeutics in the 1st quarter worth $636,000. 93.16% of the stock is owned by hedge funds and other institutional investors.

CARGO Therapeutics Company Profile

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.