CARGO Therapeutics (NASDAQ:CRGX) Announces Quarterly Earnings Results

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

CARGO Therapeutics Price Performance

Shares of NASDAQ CRGX traded down $0.92 during mid-day trading on Thursday, hitting $18.11. The company’s stock had a trading volume of 48,885 shares, compared to its average volume of 255,612. CARGO Therapeutics has a one year low of $13.56 and a one year high of $33.92. The company’s fifty day simple moving average is $20.69 and its 200-day simple moving average is $18.63. The stock has a market cap of $831.25 million and a price-to-earnings ratio of -4.27.

Analyst Ratings Changes

A number of research firms recently issued reports on CRGX. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a report on Tuesday, August 13th. 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 research note on Tuesday, August 13th. Finally, Chardan Capital reissued a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $30.33.

Insider Buying and Selling

In related news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the sale, the chief executive officer now directly owns 103,905 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is available at 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 transaction of $74,464.25. Following the transaction, the chief executive officer now owns 103,905 shares of the company’s stock, valued at $2,600,742.15. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Anup Radhakrishnan sold 1,600 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is currently owned by insiders.

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.