CARGO Therapeutics (NASDAQ:CRGX) Stock Price Up 5.6%

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) rose 5.6% during mid-day trading on Friday . The company traded as high as $16.52 and last traded at $16.52. Approximately 6,319 shares traded hands during trading, a decline of 97% from the average daily volume of 240,575 shares. The stock had previously closed at $15.64.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. 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 report on Friday, March 22nd. Truist Financial reaffirmed a “buy” rating and set a $32.00 price target (down from $34.00) on shares of CARGO Therapeutics in a research report on Thursday, May 16th. Finally, Piper Sandler began coverage on shares of CARGO Therapeutics in a research note on Thursday. They set an “overweight” rating and a $37.00 target price on the stock. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $31.00.

CARGO Therapeutics Stock Up 5.0 %

The stock’s 50 day simple moving average is $18.49 and its two-hundred day simple moving average is $21.27.

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

Insider Activity at CARGO Therapeutics

In other CARGO Therapeutics news, major shareholder Samsara Biocapital Gp, Llc purchased 294,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was bought at an average price of $17.00 per share, with a total value of $4,998,000.00. Following the transaction, the insider now directly owns 4,415,689 shares of the company’s stock, valued at approximately $75,066,713. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.38% of the stock is owned by insiders.

Institutional Investors Weigh In On CARGO Therapeutics

Several institutional investors have recently modified their holdings of CRGX. Ameritas Investment Partners Inc. purchased a new stake in CARGO Therapeutics in the first quarter valued at $48,000. American International Group Inc. acquired a new position in CARGO Therapeutics during the first quarter worth about $237,000. BNP Paribas Financial Markets acquired a new position in CARGO Therapeutics during the first quarter worth about $238,000. California State Teachers Retirement System acquired a new position in CARGO Therapeutics during the first quarter worth about $337,000. Finally, Swiss National Bank purchased a new stake in shares of CARGO Therapeutics in the first quarter valued at about $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.