CARGO Therapeutics, Inc.’s Lock-Up Period Set To Expire on May 8th (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 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, major shareholders and company insiders will be able to sell their shares of the company.

Wall Street Analysts Forecast Growth

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

CARGO Therapeutics Stock Performance

Shares of CRGX stock opened at $20.24 on Wednesday. CARGO Therapeutics has a fifty-two week low of $13.14 and a fifty-two week high of $33.92. The firm’s 50 day simple moving average is $23.15.

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 the consensus estimate of ($1.62) by $0.13. As a group, equities research analysts anticipate that CARGO Therapeutics will post -5.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CARGO Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. RTW Investments LP acquired a new stake in CARGO Therapeutics in the fourth quarter valued at $119,821,000. Perceptive Advisors LLC bought a new stake in shares of CARGO Therapeutics in the 4th quarter worth about $79,557,000. Wellington Management Group LLP acquired a new stake in shares of CARGO Therapeutics in the 4th quarter valued at about $39,009,000. Franklin Resources Inc. bought a new position in shares of CARGO Therapeutics during the fourth quarter worth about $13,333,000. Finally, Swiss National Bank acquired a new position in CARGO Therapeutics in the first quarter worth about $636,000. Hedge funds and other institutional investors own 93.16% of the company’s stock.

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.