MetLife Investment Management LLC Grows Position in CARGO Therapeutics, Inc. (NASDAQ:CRGX)

MetLife Investment Management LLC boosted its position in CARGO Therapeutics, Inc. (NASDAQ:CRGX) by 59.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,833 shares of the company’s stock after purchasing an additional 7,380 shares during the quarter. MetLife Investment Management LLC’s holdings in CARGO Therapeutics were worth $366,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BNP Paribas Financial Markets lifted its position in CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after acquiring an additional 9,311 shares during the period. SG Americas Securities LLC bought a new position in shares of CARGO Therapeutics during the third quarter valued at approximately $234,000. California State Teachers Retirement System bought a new stake in shares of CARGO Therapeutics in the 1st quarter worth approximately $337,000. Rhumbline Advisers grew its stake in shares of CARGO Therapeutics by 14.0% in the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after buying an additional 3,765 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in CARGO Therapeutics by 11.5% during 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 in the last quarter. Hedge funds and other institutional investors own 93.16% of the company’s stock.

Wall Street Analyst Weigh In

CRGX has been the topic of a number of analyst reports. Piper Sandler dropped their price target on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. William Blair assumed coverage on shares of CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating on the stock. Chardan Capital restated a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research report on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Stock Performance

CRGX stock opened at $18.47 on Monday. The company has a market cap of $850.17 million and a price-to-earnings ratio of -4.34. The business’s 50-day moving average is $19.25 and its two-hundred day moving average is $18.25. CARGO Therapeutics, Inc. has a fifty-two week low of $13.56 and a fifty-two week high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. Equities analysts predict that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current year.

Insider Transactions at CARGO Therapeutics

In related news, CFO Anup Radhakrishnan sold 1,600 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total transaction of $40,448.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.03, for a total value 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. This represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.38% of the company’s stock.

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.