Insider Selling: CARGO Therapeutics, Inc. (NASDAQ:CRGX) CEO Sells 2,975 Shares of Stock

CARGO Therapeutics, Inc. (NASDAQ:CRGX) CEO Gina Chapman sold 2,975 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

CARGO Therapeutics Price Performance

NASDAQ:CRGX opened at $23.85 on Friday. The firm has a 50 day simple moving average of $18.09 and a 200-day simple moving average of $19.48. CARGO Therapeutics, Inc. has a 1-year low of $13.14 and a 1-year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings results on Monday, August 12th. The company reported ($1.02) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.04. As a group, research analysts expect that CARGO Therapeutics, Inc. will post -4.37 EPS for the current year.

Analysts Set New Price Targets

CRGX has been the subject of several recent research reports. Piper Sandler dropped their target price on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. Chardan Capital initiated coverage on shares of CARGO Therapeutics in a research report on Monday, July 8th. They issued a “buy” rating and a $28.00 price target on the stock. 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 analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $30.33.

Hedge Funds Weigh In On CARGO Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. acquired a new stake in CARGO Therapeutics in the 1st quarter worth about $48,000. American International Group Inc. acquired a new stake in shares of CARGO Therapeutics in the first quarter worth approximately $237,000. BNP Paribas Financial Markets purchased a new stake in CARGO Therapeutics in the first quarter valued at approximately $238,000. California State Teachers Retirement System acquired a new position in CARGO Therapeutics during the first quarter worth approximately $337,000. Finally, Rhumbline Advisers raised its stake in CARGO Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after purchasing an additional 3,765 shares during the period. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.