CARGO Therapeutics, Inc. (NASDAQ:CRGX) Receives Average Rating of “Buy” from Brokerages

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) have been assigned an average rating of “Buy” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation. The average 12 month target price among analysts that have covered the stock in the last year is $30.33.

CRGX has been the subject of a number of recent research reports. HC Wainwright restated a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Piper Sandler cut their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th. Finally, Chardan Capital initiated coverage on shares of CARGO Therapeutics in a report on Monday, July 8th. They set a “buy” rating and a $28.00 target price on the stock.

CARGO Therapeutics Stock Performance

CARGO Therapeutics stock opened at $23.85 on Friday. CARGO Therapeutics has a fifty-two week low of $13.14 and a fifty-two week high of $33.92. The firm’s fifty day moving average price is $18.09 and its 200-day moving average price is $19.53.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings results on Monday, August 12th. The company reported ($1.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.06) by $0.04. On average, equities analysts forecast that CARGO Therapeutics will post -4.37 earnings per share for the current year.

Insider Activity

In related news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total value of $74,464.25. Following the transaction, the chief executive officer now directly owns 103,905 shares of the company’s stock, valued at $2,600,742.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Gina Chapman sold 2,975 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the sale, the chief executive officer now directly owns 103,905 shares in the company, valued at $2,600,742.15. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Anup Radhakrishnan sold 1,600 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the transaction, the chief financial officer now owns 6,446 shares in the company, valued at approximately $162,954.88. The disclosure for this sale can be found here. Insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On CARGO Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. RTW Investments LP bought a new position in CARGO Therapeutics in the fourth quarter worth about $119,821,000. Perceptive Advisors LLC raised its position in shares of CARGO Therapeutics by 6.8% in the 2nd quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after acquiring an additional 235,000 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of CARGO Therapeutics by 38.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock valued at $69,044,000 after purchasing an additional 854,840 shares during the period. Wellington Management Group LLP bought a new stake in shares of CARGO Therapeutics during the fourth quarter valued at approximately $39,009,000. Finally, Novo Holdings A S grew its stake in CARGO Therapeutics by 23.5% in the second quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock worth $25,352,000 after purchasing an additional 294,000 shares during the period. Institutional investors own 93.16% of the company’s stock.

About CARGO Therapeutics

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.