Samsara BioCapital GP, LLC, a more-than-10% owner of Cargo Therapeutics (NASDAQ:CRGX), bought shares worth $4.99 million on May 30, 2024, showing trust in the company’s future performance. CRGX shares were up by nearly 5% as of writing today.
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Cargo Therapeutics is a clinical-stage biotechnology company, focused on developing next-generation transformational CAR T-cell therapies for treating cancer.
A Closer Look at the Insider’s Transactions
As per the Form 4 filing with the SEC, Samsara BioCapital made a single indirect purchase of 294,000 CRGX shares for $17 apiece on May 30. It is worth noting that after the latest buy trade, Samsara BioCapital now owns 4,415,689 CRGX stock worth roughly $83.81 million. The recent transaction marks the single-largest purchase in the last three months.
It is pertinent to keep an eye on the Informative trades of corporate insiders, given their knowledge of a company’s growth potential. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is Cargo Therapeutics a Buy?
On TipRanks, CRGX stock has a Moderate Buy consensus rating based on two Buy ratings received in the last three months. The average Cargo Therapeutics price target of $31 implies 63.3% upside potential from current levels. In the past year, CRGX shares have gained 30.6%.
To find more such Informative Buy/Sell trades, you can access the TipRanks Daily Insider Trading Tracker. The tool updates the insider trades daily, giving you insights into a company’s insider transactions.
