CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Up – Should You Buy?

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) gapped up before the market opened on Tuesday . The stock had previously closed at $16.42, but opened at $16.92. CARGO Therapeutics shares last traded at $17.14, with a volume of 57,473 shares trading hands.

Wall Street Analysts Forecast Growth

CRGX has been the topic of a number of recent research reports. William Blair assumed coverage on shares of CARGO Therapeutics in a research note on Tuesday. They issued an “outperform” rating on the stock. Chardan Capital reiterated a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Piper Sandler lowered 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, HC Wainwright reaffirmed a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a research report on Friday, November 15th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $30.33.

CARGO Therapeutics Price Performance

The company has a market capitalization of $792.64 million and a P/E ratio of -3.85. The firm has a fifty day moving average price of $19.86 and a 200-day moving average price of $18.41.

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

Insiders Place Their Bets

In related news, CFO Anup Radhakrishnan sold 1,600 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total value of $40,448.00. Following the sale, the chief financial officer now directly owns 6,446 shares in the company, valued at approximately $162,954.88. The trade was a 19.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.03, for a total transaction of $74,464.25. Following the transaction, the chief executive officer now owns 103,905 shares of the company’s stock, valued at $2,600,742.15. This represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.38% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CRGX. Rhumbline Advisers increased its position in shares of CARGO Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after buying an additional 3,765 shares during the period. Bank of New York Mellon Corp grew its stake in CARGO Therapeutics by 11.5% during the second quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock valued at $1,136,000 after acquiring an additional 7,146 shares in the last quarter. MetLife Investment Management LLC lifted its stake in CARGO Therapeutics by 59.3% in the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after purchasing an additional 7,380 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in CARGO Therapeutics by 437.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after purchasing an additional 9,311 shares during the period. Finally, American International Group Inc. bought a new position in CARGO Therapeutics in the 1st quarter valued at $237,000. 93.16% of the stock is currently 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.