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

CARGO Therapeutics’ (NASDAQ:CRGX) lock-up period will end on Wednesday, May 8th. CARGO Therapeutics had issued 18,750,000 shares in its public offering on November 10th. The total size of the offering was $281,250,000 based on an initial share price of $15.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the expiration of the lock-up period.

Analyst Upgrades and Downgrades

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

CARGO Therapeutics Price Performance

Shares of CARGO Therapeutics stock opened at $19.96 on Tuesday. CARGO Therapeutics has a 1 year low of $13.14 and a 1 year high of $33.92. The stock has a 50-day simple moving average of $23.23.

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

Hedge Funds Weigh In On CARGO Therapeutics

Several large investors have recently made changes to their positions in the business. RTW Investments LP purchased a new position in shares of CARGO Therapeutics during the fourth quarter valued at approximately $119,821,000. Perceptive Advisors LLC purchased a new position in shares of CARGO Therapeutics during the fourth quarter valued at approximately $79,557,000. Wellington Management Group LLP purchased a new position in shares of CARGO Therapeutics during the fourth quarter valued at approximately $39,009,000. Franklin Resources Inc. purchased a new position in shares of CARGO Therapeutics during the fourth quarter valued at approximately $13,333,000. Finally, BNP Paribas Financial Markets purchased a new position in CARGO Therapeutics in the 1st quarter worth approximately $238,000. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

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.