CARGO Therapeutics, Inc. (NASDAQ:CRGX) Given Average Recommendation of “Buy” by Brokerages

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has been assigned an average rating of “Buy” from the six research firms that are covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $31.80.

A number of analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a report on Friday, November 15th. William Blair assumed coverage on shares of CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating for the company. Chardan Capital reaffirmed a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Finally, Piper Sandler lowered their target price on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th.

Insider Activity

In related news, CFO Anup Radhakrishnan sold 1,600 shares of the business’s 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 sale, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. The trade was a 19.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 103,905 shares in the company, valued at $2,600,742.15. This represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On CARGO Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRGX. Yu Fan bought a new stake in CARGO Therapeutics during the 2nd quarter worth about $14,975,000. Vanguard Group Inc. lifted its position in CARGO Therapeutics by 179.5% during the 1st quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock worth $24,916,000 after buying an additional 716,868 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 buying an additional 374,018 shares in the last quarter. Cowen AND Company LLC lifted its position in CARGO Therapeutics by 121.7% during the 2nd quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock worth $9,102,000 after buying an additional 304,305 shares in the last quarter. Finally, Novo Holdings A S lifted its position in CARGO Therapeutics by 23.5% during the 2nd quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock worth $25,352,000 after buying an additional 294,000 shares in the last quarter. 93.16% of the stock is owned by institutional investors.

CARGO Therapeutics Price Performance

Shares of CARGO Therapeutics stock opened at $17.43 on Thursday. The firm has a market cap of $802.30 million and a P/E ratio of -4.09. The firm has a 50 day simple moving average of $19.25 and a 200 day simple moving average of $18.30. CARGO Therapeutics has a fifty-two week low of $13.56 and a fifty-two week high of $33.92.

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

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.