CARGO Therapeutics (NASDAQ:CRGX) Earns Outperform Rating from Analysts at William Blair

William Blair began coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a research note released on Tuesday morning, MarketBeat reports. The brokerage issued an outperform rating on the stock. William Blair also issued estimates for CARGO Therapeutics’ Q4 2024 earnings at ($0.97) EPS, FY2024 earnings at ($3.74) EPS, FY2025 earnings at ($3.57) EPS, FY2026 earnings at ($3.34) EPS and FY2027 earnings at ($1.39) EPS.

CRGX has been the subject of several other research reports. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of CARGO Therapeutics in a research note on Friday, November 15th. Chardan Capital reissued a “buy” rating and set a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Finally, Piper Sandler reduced their target price on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $30.33.

CARGO Therapeutics Stock Performance

NASDAQ:CRGX opened at $18.18 on Tuesday. CARGO Therapeutics has a 1 year low of $13.56 and a 1 year high of $33.92. The stock has a fifty day moving average price of $19.35 and a two-hundred day moving average price of $18.38. The stock has a market capitalization of $836.83 million and a price-to-earnings ratio of -4.27.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.26. On average, analysts predict that CARGO Therapeutics will post -3.73 EPS for the current year.

Insider Transactions at CARGO Therapeutics

In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were 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 $2,600,742.15. This trade represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the completion of the transaction, the chief financial officer now owns 6,446 shares in the company, valued at $162,954.88. The trade was a 19.89 % decrease in their position. 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 have recently made changes to their positions in the business. Barclays PLC lifted its stake in shares of CARGO Therapeutics by 226.7% during the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after purchasing an additional 39,102 shares in the last quarter. Geode Capital Management LLC lifted its position in CARGO Therapeutics by 80.6% during the 3rd quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after acquiring an additional 374,018 shares in the last quarter. Wellington Management Group LLP boosted its holdings in CARGO Therapeutics by 4.1% in the 3rd quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock worth $37,688,000 after acquiring an additional 79,782 shares during the period. Sphera Funds Management LTD. grew its position in CARGO Therapeutics by 22.5% in the third quarter. Sphera Funds Management LTD. now owns 190,506 shares of the company’s stock valued at $3,515,000 after acquiring an additional 35,000 shares in the last quarter. Finally, State Street Corp raised its stake in shares of CARGO Therapeutics by 11.7% during the third quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after purchasing an additional 88,000 shares during the period. Hedge funds and other 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.