Insider Selling: CARGO Therapeutics, Inc. (NASDAQ:CRGX) CFO Sells $40,448.00 in Stock

CARGO Therapeutics, Inc. (NASDAQ:CRGX) CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now owns 6,446 shares of the company’s stock, valued at $162,954.88. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

CARGO Therapeutics Trading Down 4.6 %

NASDAQ CRGX opened at $23.85 on Monday. CARGO Therapeutics, Inc. has a 1-year low of $13.14 and a 1-year high of $33.92. The company has a 50 day moving average of $18.09 and a 200-day moving average of $19.43.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings results on Monday, August 12th. The company reported ($1.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.04. Sell-side analysts expect that CARGO Therapeutics, Inc. will post -4.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Piper Sandler cut their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Chardan Capital assumed coverage on shares of CARGO Therapeutics in a research report on Monday, July 8th. They set a “buy” rating and a $28.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $30.33.

Institutional Investors Weigh In On CARGO Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in CRGX. Swiss National Bank bought a new position in CARGO Therapeutics in the first quarter valued at approximately $636,000. Franklin Resources Inc. bought a new position in CARGO Therapeutics in the fourth quarter valued at approximately $13,333,000. Price T Rowe Associates Inc. MD increased its stake in CARGO Therapeutics by 38.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock valued at $69,044,000 after acquiring an additional 854,840 shares during the last quarter. Perceptive Advisors LLC bought a new position in CARGO Therapeutics in the fourth quarter valued at approximately $79,557,000. Finally, Wellington Management Group LLP bought a new position in CARGO Therapeutics in the fourth quarter valued at approximately $39,009,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.