CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Up – Time to Buy?

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) gapped up before the market opened on Thursday . The stock had previously closed at $16.40, but opened at $16.82. CARGO Therapeutics shares last traded at $16.73, with a volume of 13,729 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have commented on CRGX shares. William Blair started coverage on shares of CARGO Therapeutics in a research note on Tuesday, November 26th. They set an “outperform” rating for the company. Chardan Capital reaffirmed a “buy” rating and set a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research note on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, CARGO Therapeutics has a consensus rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Trading Down 1.7 %

The company has a market cap of $741.97 million and a price-to-earnings ratio of -3.85. The business has a fifty day moving average price of $19.14 and a two-hundred day moving average price of $18.18.

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

Insider Buying and Selling

In other CARGO Therapeutics news, CFO Anup Radhakrishnan sold 1,600 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total transaction of $40,448.00. Following the transaction, the chief financial officer now owns 6,446 shares in the company, valued at $162,954.88. This trade represents a 19.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gina Chapman sold 2,975 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total value of $74,464.25. Following the transaction, the chief executive officer now owns 103,905 shares in the company, valued at approximately $2,600,742.15. This trade represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On CARGO Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRGX. BNP Paribas Financial Markets grew its holdings in CARGO Therapeutics by 437.8% during the third 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 last quarter. SG Americas Securities LLC bought a new stake in shares of CARGO Therapeutics in the third quarter valued at approximately $234,000. California State Teachers Retirement System bought a new stake in shares of CARGO Therapeutics in the first quarter valued at approximately $337,000. MetLife Investment Management LLC boosted its position in shares of CARGO Therapeutics by 59.3% in the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after acquiring an additional 7,380 shares during the period. Finally, Rhumbline Advisers boosted its position in shares of CARGO Therapeutics by 14.0% in the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after acquiring an additional 3,765 shares during the period. Institutional investors and hedge funds own 93.16% of the company’s stock.

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.