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

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

CARGO Therapeutics Stock Down 4.8 %

CARGO Therapeutics stock traded down $0.92 during trading hours on Thursday, hitting $18.11. The stock had a trading volume of 48,885 shares, compared to its average volume of 255,612. The company has a 50-day moving average of $20.69 and a two-hundred day moving average of $18.63. CARGO Therapeutics has a fifty-two week low of $13.56 and a fifty-two week high of $33.92. The company has a market cap of $831.25 million and a PE ratio of -4.27.

Insider Transactions at CARGO Therapeutics

In other news, CFO Anup Radhakrishnan sold 1,600 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 6,446 shares in the company, valued at approximately $162,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction that occurred 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 of the company’s stock, valued at approximately $2,600,742.15. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Anup Radhakrishnan sold 1,600 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was 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. The trade was 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.

Wall Street Analysts Forecast Growth

CRGX has been the topic of a number of recent analyst reports. Chardan Capital reiterated a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Finally, Piper Sandler reduced their price objective on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock 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.