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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has been assigned a consensus rating of “Buy” from the seven analysts that are covering the firm, MarketBeat.com reports. Seven investment analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $30.33.

A number of analysts have recently commented on the company. Piper Sandler cut their price objective on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a report on Tuesday, August 13th.

CARGO Therapeutics Stock Performance

NASDAQ CRGX opened at $22.36 on Friday. The firm has a market capitalization of $1.03 billion and a P/E ratio of -0.44. The stock has a 50-day simple moving average of $20.54 and a two-hundred day simple moving average of $18.59. CARGO Therapeutics has a fifty-two week low of $13.14 and a fifty-two week high of $33.92.

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

Insider Buying and Selling

In other CARGO Therapeutics news, CFO Anup Radhakrishnan sold 1,600 shares of the company’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 of the company’s stock, valued at $162,954.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Gina Chapman sold 2,975 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.03, for a total transaction of $74,464.25. Following the transaction, the chief executive officer now owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Anup Radhakrishnan sold 1,600 shares of the firm’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 of the company’s stock, valued at $162,954.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.38% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets purchased a new position in CARGO Therapeutics in the 1st quarter valued at approximately $238,000. Swiss National Bank purchased a new position in CARGO Therapeutics in the first quarter valued at $636,000. Vanguard Group Inc. boosted its holdings in CARGO Therapeutics by 179.5% in the first quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock valued at $24,916,000 after purchasing an additional 716,868 shares during the period. Ameritas Investment Partners Inc. acquired a new position in CARGO Therapeutics during the 1st quarter worth $48,000. Finally, American International Group Inc. purchased a new stake in CARGO Therapeutics during the 1st quarter worth about $237,000. Institutional investors and hedge funds own 93.16% of the company’s stock.

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.