CARGO Therapeutics (NASDAQ:CRGX) Posts Earnings Results

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

CARGO Therapeutics Stock Performance

Shares of NASDAQ CRGX traded down $1.36 during trading hours on Thursday, hitting $17.67. The company’s stock had a trading volume of 62,677 shares, compared to its average volume of 255,652. The business has a 50-day simple moving average of $20.69 and a 200-day simple moving average of $18.63. The stock has a market cap of $811.05 million and a price-to-earnings ratio of -4.27. CARGO Therapeutics has a 12 month low of $13.56 and a 12 month high of $33.92.

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 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 directly owns 103,905 shares in the company, valued at $2,600,742.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Gina Chapman sold 2,975 shares of the company’s stock in a transaction on 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 in the company, valued at $2,600,742.15. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Anup Radhakrishnan sold 1,600 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total transaction of $40,448.00. Following the transaction, the chief financial officer now directly 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.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. HC Wainwright restated a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. 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. Finally, Chardan Capital reaffirmed a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a research report on Wednesday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CARGO Therapeutics presently has an average rating of “Buy” and an average price target of $30.33.

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.