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

CARGO Therapeutics' (NASDAQ:CRGX - Get Free Report) lock-up period is set to 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, company insiders and major shareholders will be able to sell their shares of the company.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group increased their price objective on shares of CARGO Therapeutics from $28.00 to $32.00 and gave the stock a "buy" rating in a research note on Friday, March 22nd.

CARGO Therapeutics Stock Performance

Shares of CRGX stock traded up $1.44 on Wednesday, reaching $20.54. The stock had a trading volume of 157,093 shares, compared to its average volume of 268,082. The stock's 50-day moving average price is $23.42. CARGO Therapeutics has a 12 month low of $13.14 and a 12 month high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last issued 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. Sell-side analysts predict that CARGO Therapeutics will post -5.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets bought a new position in CARGO Therapeutics in the 1st quarter valued at about $238,000. Franklin Resources Inc. bought a new position in shares of CARGO Therapeutics during the fourth quarter worth approximately $13,333,000. Wellington Management Group LLP bought a new position in shares of CARGO Therapeutics during the fourth quarter worth approximately $39,009,000. Perceptive Advisors LLC bought a new position in shares of CARGO Therapeutics during the fourth quarter worth approximately $79,557,000. Finally, RTW Investments LP bought a new position in shares of CARGO Therapeutics during the fourth quarter worth approximately $119,821,000. 93.16% of the stock is owned by institutional investors.

CARGO Therapeutics Company 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.