Cargo Therapeutics CFO Anup Radhakrishnan Sells Over $40K in Shares

CARGO Therapeutics, Inc. (NASDAQ: CRGX), a firm focused on biological products, recently reported in an SEC filing that its Chief Financial Officer, Anup Radhakrishnan, engaged in stock transactions involving the company’s common stock. On September 18, 2024, Radhakrishnan sold 1,600 shares at prices ranging from $25.25 to $25.44, with a weighted average sale price of $25.2825 per share, resulting in a total transaction value of approximately $40,452.

On the same day, he also acquired 1,600 shares of common stock at $5.03, which totaled $8,048. These transactions were executed as part of a pre-planned trading strategy compliant with Rule 10b5-1, allowing insiders to set up predetermined trading plans while ensuring they do not possess any material non-public information.

Post-transaction, Radhakrishnan’s holdings in CARGO Therapeutics will reflect these acquisitions and sales. While the exact number of shares he holds after these trades was not disclosed in the SEC filing, it sheds light on the CFO’s recent stock activity.

Investors closely watch insider trading activities as they can indicate the company’s financial well-being and the sentiment of its leadership. CARGO Therapeutics, based in San Carlos, California, is dedicated to advancing innovative biological products within the life sciences sector.

In other developments, CARGO Therapeutics has made notable progress in its clinical trials and operational strategy. The pivotal FIRCE-1 trial for firi-cel has seen patient enrollment increase significantly, rising from 20 to 38 participants, with a manufacturing success rate exceeding 95%. Analyst firms have reaffirmed their positive outlooks on the company’s stock, with Piper Sandler and TD Cowen maintaining their Overweight and Buy ratings, respectively. The company has also raised approximately $110 million through private equity financing to prepare for a Biologics License Application related to the FIRCE-1 study and further the development of the CRG-023 program. Additionally, CARGO has entered into a sublease agreement with Vaxcyte, Inc. to optimize its facilities in San Carlos. Truist Securities and Chardan Capital Markets have revised their price targets for the stock to $32 and $28, respectively. Furthermore, Dr. Kapil Dhingra, a medical oncologist with extensive experience, has been appointed to the Board of Directors.

As investors assess CARGO Therapeutics amidst these stock transactions, they may find insights into the company’s financial position valuable. With a market capitalization of $1.15 billion, CARGO’s financial health remains a key consideration for stakeholders. The company currently possesses more cash than debt, which bodes well for its stability and may alleviate some investor concerns following the CFO’s trades.

CARGO Therapeutics has shown significant stock performance, achieving a one-week price total return of 12.76% and an impressive one-year return of 72.06%. Despite this, it’s important to note that the company has a negative P/E ratio of -3.03, indicating it is not yet profitable, with analysts projecting continued losses this year.

Investors should be aware that some analysts have revised their earnings forecasts downward for the near future, raising potential concerns about the company’s earnings outlook. Additional insights and analysis on CARGO Therapeutics are available, providing context for the CFO’s recent transactions and broader market sentiment.

In conclusion, CARGO Therapeutics continues to navigate a dynamic landscape in the biopharmaceutical sector as it advances its strategic initiatives and clinical programs.