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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has been assigned an average rating of “Buy” from the seven brokerages that are presently covering the company, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a buy recommendation. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $30.33.

A number of research analysts have recently issued reports on the company. Chardan Capital reaffirmed a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a report on Wednesday. Piper Sandler decreased their target price 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. Finally, HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of CARGO Therapeutics in a report on Friday.

CARGO Therapeutics Stock Performance

Shares of NASDAQ CRGX opened at $16.00 on Friday. The firm’s 50 day moving average price is $20.59 and its 200-day moving average price is $18.60. CARGO Therapeutics has a 52-week low of $13.56 and a 52-week high of $33.92. The company has a market cap of $736.45 million and a PE ratio of -3.76.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. On average, analysts forecast that CARGO Therapeutics will post -4.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the transaction, the chief executive officer now directly owns 103,905 shares in the company, valued at approximately $2,600,742.15. The trade was a 2.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Anup Radhakrishnan sold 1,600 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total transaction of $40,448.00. Following the completion of the sale, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at $162,954.88. This represents a 19.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On CARGO Therapeutics

Several large investors have recently added to or reduced their stakes in CRGX. Geode Capital Management LLC increased its stake in shares of CARGO Therapeutics by 80.6% in the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after purchasing an additional 374,018 shares in the last quarter. Barclays PLC boosted its holdings in CARGO Therapeutics by 226.7% in the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after buying an additional 39,102 shares during the period. Wellington Management Group LLP increased its stake 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 buying an additional 79,782 shares in the last quarter. Sphera Funds Management LTD. raised its holdings in CARGO Therapeutics by 22.5% during 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 during the period. Finally, State Street Corp lifted its position in shares of CARGO Therapeutics by 11.7% in the third quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after acquiring an additional 88,000 shares in the last quarter. Hedge funds and other institutional investors 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.