CARGO Therapeutics, Inc.’s (NASDAQ:CRGX) Lock-Up Period Set To End Tomorrow

CARGO Therapeutics’ (NASDAQ:CRGX) lock-up period will end on Wednesday, May 8th. CARGO Therapeutics had issued 18,750,000 shares in its IPO on November 10th. The total size of the offering was $281,250,000 based on an initial share price of $15.00. After the end of CARGO Therapeutics’ lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group boosted their price target on CARGO Therapeutics from $28.00 to $32.00 and gave the company a “buy” rating in a report on Friday, March 22nd.

CARGO Therapeutics Price Performance

Shares of NASDAQ:CRGX opened at $19.96 on Tuesday. CARGO Therapeutics has a 12-month low of $13.14 and a 12-month high of $33.92. The firm has a 50 day moving average of $23.23.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings results on Thursday, March 21st. The company reported ($1.49) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.62) by $0.13. On average, sell-side analysts anticipate that CARGO Therapeutics will post -5.6 EPS for the current year.

Institutional Trading of CARGO Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in CRGX. BNP Paribas Financial Markets purchased a new stake in shares of CARGO Therapeutics in the first quarter valued at approximately $238,000. Franklin Resources Inc. purchased a new stake in shares of CARGO Therapeutics in the fourth quarter valued at approximately $13,333,000. Wellington Management Group LLP purchased a new stake in shares of CARGO Therapeutics in the fourth quarter valued at approximately $39,009,000. Perceptive Advisors LLC purchased a new stake in shares of CARGO Therapeutics in the fourth quarter valued at approximately $79,557,000. Finally, RTW Investments LP purchased a new stake in shares of CARGO Therapeutics in the fourth quarter valued at approximately $119,821,000. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

About CARGO Therapeutics

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.