Sio Capital Management LLC Invests $3.21 Million in CARGO Therapeutics, Inc. (NASDAQ:CRGX)

Sio Capital Management LLC acquired a new position in shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) during the third quarter, Holdings Channel reports. The institutional investor acquired 173,860 shares of the company’s stock, valued at approximately $3,208,000. CARGO Therapeutics accounts for 1.3% of Sio Capital Management LLC’s portfolio, making the stock its 21st largest holding.

Several other institutional investors have also modified their holdings of the stock. BNP Paribas Financial Markets lifted its stake in CARGO Therapeutics by 437.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after buying an additional 9,311 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of CARGO Therapeutics in the third quarter valued at approximately $234,000. American International Group Inc. acquired a new stake in shares of CARGO Therapeutics in the first quarter worth approximately $237,000. California State Teachers Retirement System purchased a new stake in shares of CARGO Therapeutics during the first quarter worth approximately $337,000. Finally, MetLife Investment Management LLC raised its stake in CARGO Therapeutics by 59.3% in the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after purchasing an additional 7,380 shares during the last quarter. Institutional investors and hedge funds own 93.16% of the company’s stock.

CARGO Therapeutics Trading Up 2.6 %

NASDAQ:CRGX opened at $17.67 on Friday. CARGO Therapeutics, Inc. has a 12-month low of $13.56 and a 12-month high of $33.92. The stock has a fifty day moving average price of $19.46 and a 200 day moving average price of $18.39.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. As a group, sell-side analysts forecast that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current year.

Insider Activity at CARGO Therapeutics

In related news, CEO Gina Chapman sold 2,975 shares of the company’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 sale, the chief executive officer now owns 103,905 shares in the company, valued at $2,600,742.15. This represents a 2.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction 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 directly owns 6,446 shares in the company, valued at $162,954.88. The trade was a 19.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CRGX shares. William Blair started coverage on shares of CARGO Therapeutics in a research note on Tuesday. They set an “outperform” rating on the stock. Chardan Capital reaffirmed a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research report on Friday, November 15th. Finally, Piper Sandler cut their target price 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. Eight 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 $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.