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

A number of other large investors have also recently added to or reduced their stakes in the business. Red Tree Management LLC acquired a new stake in shares of CARGO Therapeutics during the fourth quarter valued at about $30,293,000. TRV GP VI LLC acquired a new position in CARGO Therapeutics during the fourth quarter worth $26,924,000. TRV GP V LLC acquired a new stake in shares of CARGO Therapeutics in the fourth quarter valued at $25,051,000. Peapod Lane Capital LLC acquired a new stake in shares of CARGO Therapeutics in the first quarter valued at $892,000. Finally, Janus Henderson Group PLC raised its holdings in shares of CARGO Therapeutics by 5.8% in the 4th quarter. Janus Henderson Group PLC now owns 2,830,544 shares of the company's stock valued at $40,859,000 after buying an additional 155,259 shares during the period. 93.16% of the stock is currently owned by institutional investors and hedge funds.

CARGO Therapeutics Price Performance

Shares of CRGX remained flat at $4.46 during midday trading on Wednesday. The stock had a trading volume of 602,934 shares, compared to its average volume of 1,189,404. CARGO Therapeutics, Inc. has a fifty-two week low of $3.00 and a fifty-two week high of $25.45. The firm has a market capitalization of $205.65 million, a price-to-earnings ratio of -0.97 and a beta of 0.30. The company has a 50-day moving average price of $4.44 and a 200-day moving average price of $4.69.

Analyst Ratings Changes

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