CARGO Therapeutics (NASDAQ:CRGX) Releases Quarterly Earnings Results, Beats Expectations By $0.26 EPS

CARGO Therapeutics (NASDAQ:CRGX) posted its quarterly earnings data on Tuesday. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($1.14) by $0.26, Zacks reports.

CARGO Therapeutics Stock Down 4.6 %

Shares of CRGX traded down $0.87 during trading hours on Thursday, reaching $18.16. The stock had a trading volume of 51,489 shares, compared to its average volume of 255,612. The company has a market cap of $833.54 million and a P/E ratio of -4.27. The firm has a 50-day moving average of $20.69 and a 200 day moving average of $18.63. CARGO Therapeutics has a 52 week low of $13.56 and a 52 week high of $33.92.

Insider Transactions at CARGO Therapeutics

In other news, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the sale, the chief financial officer now directly owns 6,446 shares in the company, valued at $162,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 value of $40,448.00. Following the completion of the transaction, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $74,464.25. Following the sale, the chief executive officer now directly owns 103,905 shares in the company, valued at $2,600,742.15. This trade represents 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.

Analysts Set New Price Targets

Several research analysts recently weighed in on CRGX shares. Piper Sandler dropped their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Finally, Chardan Capital reiterated a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a report on Wednesday. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average 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.