CARGO Therapeutics (NASDAQ:CRGX) Posts Earnings Results, Beats Estimates By $0.26 EPS

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

CARGO Therapeutics Trading Down 4.6 %

CRGX stock traded down $0.87 on Thursday, hitting $18.16. 51,489 shares of the company’s stock traded hands, compared to its average volume of 255,612. The stock has a market cap of $833.54 million and a price-to-earnings ratio of -4.27. CARGO Therapeutics has a 1-year low of $13.56 and a 1-year high of $33.92. The stock has a fifty day moving average of $20.69 and a 200-day moving average of $18.63.

Insider Buying and Selling

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 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other CARGO Therapeutics news, CFO Anup Radhakrishnan sold 1,600 shares of the 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 completion of the sale, the chief financial officer now owns 6,446 shares in the company, valued at $162,954.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of the firm’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 transaction of $74,464.25. Following the transaction, the chief executive officer now directly owns 103,905 shares in the company, valued at approximately $2,600,742.15. The trade was 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.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CRGX shares. HC Wainwright reiterated a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Chardan Capital restated a “buy” rating and set a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday. Finally, Piper Sandler cut their target price on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $30.33.

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.