Alberta Investment Management Corp Buys Shares of 93,336 CARGO Therapeutics, Inc. (NASDAQ:CRGX)

Key Points

• Alberta Investment Management Corp has acquired a stake of approximately $380,000 in CARGO Therapeutics, buying 93,336 shares during the first quarter, representing about 0.20% ownership of the company.
• Institutional investors are heavily involved, owning 93.16% of CARGO Therapeutics' stock, with several hedge funds increasing their positions in the company during the fourth quarter.
• Analysts have raised the target price for CARGO Therapeutics from $3.70 to $5.00 and currently, there is a consensus rating of "Hold" on the stock with a price target of $15.40.

Alberta Investment Management Corp bought a new position in shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 93,336 shares of the company's stock, valued at approximately $380,000. Alberta Investment Management Corp owned about 0.20% of CARGO Therapeutics as of its most recent SEC filing.

Several other large investors have also modified their holdings of CRGX. MetLife Investment Management LLC grew its stake in shares of CARGO Therapeutics by 16.2% during the 4th quarter. MetLife Investment Management LLC now owns 23,039 shares of the company's stock worth $332,000 after purchasing an additional 3,206 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of CARGO Therapeutics by 31.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 14,832 shares of the company's stock worth $214,000 after buying an additional 3,570 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of CARGO Therapeutics by 27.0% in the 4th quarter. JPMorgan Chase & Co. now owns 19,066 shares of the company's stock valued at $275,000 after purchasing an additional 4,059 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in CARGO Therapeutics by 29.5% during the 4th quarter. Wells Fargo & Company MN now owns 19,740 shares of the company's stock worth $285,000 after buying an additional 4,497 shares during the last quarter. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of CARGO Therapeutics by 22.0% in the 4th quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 26,899 shares of the company's stock valued at $388,000 after buying an additional 4,851 shares during the period. Institutional investors and hedge funds own 93.16% of the company's stock.

CARGO Therapeutics Stock Performance

CRGX traded down $0.01 during trading on Friday, reaching $4.48. The company had a trading volume of 801,626 shares, compared to its average volume of 1,185,481. CARGO Therapeutics, Inc. has a 12-month low of $3.00 and a 12-month high of $25.45. The company has a market cap of $206.34 million, a price-to-earnings ratio of -0.97 and a beta of 0.30. The firm's 50-day simple moving average is $4.45 and its 200 day simple moving average is $4.63.

Analyst Ratings Changes

Separately, Jefferies Financial Group boosted their price target on shares of CARGO Therapeutics from $3.70 to $5.00 and gave the company a "hold" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, CARGO Therapeutics presently has a consensus rating of "Hold" and an average price target of $15.40.

CARGO Therapeutics 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.