CARGO Therapeutics, Inc. (NASDAQ:CRGX – Get Free Report) shares dropped 7.7% during trading on Thursday . The company traded as low as $17.56 and last traded at $17.56. Approximately 13,185 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 255,444 shares. The stock had previously closed at $19.03.
Wall Street Analysts Forecast Growth
CRGX has been the subject of a number of research analyst reports. Chardan Capital restated a “buy” rating and issued a $28.00 target price 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 note on Tuesday, August 13th. Finally, 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. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $30.33.
Read Our Latest Stock Analysis on CARGO Therapeutics
CARGO Therapeutics Stock Down 7.2 %
CARGO Therapeutics (NASDAQ:CRGX – Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($1.14) by $0.26. As a group, research analysts forecast that CARGO Therapeutics, Inc. will post -4.37 EPS for the current year.
Insiders Place Their Bets
In other CARGO Therapeutics news, CFO Anup Radhakrishnan sold 1,600 shares of the company’s 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 completion of the transaction, the chief financial officer now owns 6,446 shares in the company, valued at approximately $162,954.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics 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 completion of the transaction, the chief executive officer now owns 103,905 shares in the company, valued at $2,600,742.15. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction on 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 in the company, valued at $162,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is owned by insiders.
Institutional Trading of CARGO Therapeutics
Institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets acquired a new stake in CARGO Therapeutics during the 1st quarter worth $238,000. Swiss National Bank purchased a new position in shares of CARGO Therapeutics in the 1st quarter valued at approximately $636,000. Vanguard Group Inc. grew its stake in shares of CARGO Therapeutics by 179.5% in the 1st quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock valued at $24,916,000 after purchasing an additional 716,868 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in shares of CARGO Therapeutics in the 1st quarter valued at approximately $48,000. Finally, American International Group Inc. purchased a new stake in shares of CARGO Therapeutics in the first quarter valued at approximately $237,000. 93.16% of the stock is owned by hedge funds and other institutional investors.
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.
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