CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Up After Insider Buying Activity

CARGO Therapeutics, Inc. (NASDAQ:CRGXGet Free Report) gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $18.98, but opened at $20.04. CARGO Therapeutics shares last traded at $19.49, with a volume of 8,785 shares traded.

Specifically, major shareholder Samsara Biocapital Gp, Llc acquired 294,000 shares of CARGO Therapeutics stock in a transaction on Thursday, May 30th. The stock was bought at an average cost of $17.00 per share, with a total value of $4,998,000.00. Following the completion of the purchase, the insider now owns 4,415,689 shares of the company’s stock, valued at $75,066,713. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.38% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Jefferies Financial Group increased their target price on CARGO Therapeutics from $28.00 to $32.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Truist Financial reissued a “buy” rating and issued a $32.00 price objective (down from $34.00) on shares of CARGO Therapeutics in a research note on Thursday, May 16th.

Check Out Our Latest Report on CRGX

CARGO Therapeutics Stock Performance

The firm’s fifty day moving average price is $20.13 and its 200 day moving average price is $21.17.

CARGO Therapeutics (NASDAQ:CRGXGet Free Report) last issued its earnings results on Tuesday, May 14th. The company reported ($0.87) EPS for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.18. As a group, sell-side analysts predict that CARGO Therapeutics, Inc. will post -4.82 earnings per share for the current year.

Hedge Funds Weigh In On CARGO Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. bought a new stake in shares of CARGO Therapeutics during the 4th quarter worth $13,333,000. RTW Investments LP bought a new stake in CARGO Therapeutics in the 4th quarter valued at $119,821,000. Perceptive Advisors LLC acquired a new position in shares of CARGO Therapeutics during the fourth quarter valued at about $79,557,000. Wellington Management Group LLP acquired a new position in CARGO Therapeutics in the 4th quarter valued at approximately $39,009,000. Finally, BNP Paribas Financial Markets bought a new position in CARGO Therapeutics in the first quarter worth $238,000. Institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Company Profile

(Get Free Report)

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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