CARGO Therapeutics, Inc.’s Lock-Up Period Set To Expire on May 8th (NASDAQ:CRGX)

CARGO Therapeutics’ (NASDAQ:CRGX) lock-up period will expire 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 company insiders and major shareholders will be eligible for trade following the expiration of the lock-up period.

Analysts Set New Price Targets

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

CARGO Therapeutics Trading Up 0.2 %

Shares of CRGX stock opened at $19.10 on Wednesday. CARGO Therapeutics has a 52-week low of $13.14 and a 52-week high of $33.92. The firm has a 50 day simple moving average of $23.42.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings data 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. As a group, equities analysts anticipate that CARGO Therapeutics will post -5.6 earnings per share for the current year.

Hedge Funds Weigh In On CARGO Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. bought a new position in CARGO Therapeutics in the fourth quarter valued at approximately $13,333,000. Wellington Management Group LLP bought a new position in CARGO Therapeutics in the fourth quarter valued at approximately $39,009,000. Perceptive Advisors LLC bought a new position in shares of CARGO Therapeutics during the fourth quarter worth $79,557,000. Finally, RTW Investments LP bought a new position in shares of CARGO Therapeutics during the fourth quarter worth $119,821,000. 93.16% of the stock is owned by 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.