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

CARGO Therapeutics’ (NASDAQ:CRGX) lock-up period is set to 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. After the expiration of the company’s lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

Analyst Upgrades and Downgrades

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

CARGO Therapeutics Price Performance

Shares of CRGX stock opened at $20.24 on Wednesday. CARGO Therapeutics has a 12-month low of $13.14 and a 12-month high of $33.92. The company has a fifty day moving average price of $23.15.

CARGO Therapeutics (NASDAQ:CRGX) last posted its earnings results 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. Equities analysts expect that CARGO Therapeutics will post -5.6 EPS for the current fiscal year.

Institutional Investors Weigh In On CARGO Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Swiss National Bank bought a new stake in shares of CARGO Therapeutics in the first quarter worth $636,000. BNP Paribas Financial Markets acquired a new stake in CARGO Therapeutics in the 1st quarter valued at $238,000. Wellington Management Group LLP bought a new stake in CARGO Therapeutics during the 4th quarter worth about $39,009,000. Perceptive Advisors LLC acquired a new position in shares of CARGO Therapeutics during the 4th quarter worth about $79,557,000. Finally, RTW Investments LP bought a new position in shares of CARGO Therapeutics in the 4th quarter valued at about $119,821,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.