CARGO Therapeutics (NASDAQ:CRGX) Releases Quarterly Earnings Results, Beats Expectations By $0.26 EPS

CARGO Therapeutics (NASDAQ:CRGX) posted its quarterly earnings data on Tuesday. The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26, Zacks reports.

CARGO Therapeutics Price Performance

Shares of CARGO Therapeutics stock traded down $0.86 during trading on Thursday, reaching $18.17. 46,518 shares of the company traded hands, compared to its average volume of 255,601. The firm has a market capitalization of $834.00 million and a PE ratio of -4.18. The company has a 50 day moving average price of $20.69 and a 200-day moving average price of $18.63. CARGO Therapeutics has a 1-year low of $13.56 and a 1-year high of $33.92.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CRGX. Chardan Capital reissued a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday. HC Wainwright reiterated a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Finally, Piper Sandler dropped their target price on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $30.33.

Insider Buying and Selling at CARGO Therapeutics

In related news, 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 directly owns 103,905 shares of the company’s stock, valued at $2,600,742.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the sale, the chief executive officer now owns 103,905 shares in the company, valued at approximately $2,600,742.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the transaction, the chief financial officer now owns 6,446 shares of the company’s stock, valued at $162,954.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 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.