Brokerages Set CARGO Therapeutics, Inc. (NASDAQ:CRGX) PT at $30.33

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

Several analysts recently weighed in on CRGX shares. HC Wainwright reiterated a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a report on Tuesday, August 13th. Chardan Capital reiterated a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a report on Wednesday. Finally, Piper Sandler lowered their target price on 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 other news, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total transaction of $40,448.00. Following the sale, the chief financial officer now owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. This trade represents a 19.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gina Chapman sold 2,975 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. Company insiders own 1.38% of the company’s stock.

Institutional Trading of CARGO Therapeutics

Several institutional investors have recently modified their holdings of the stock. FMR LLC lifted its position in CARGO Therapeutics by 1.1% in the third quarter. FMR LLC now owns 6,954,476 shares of the company’s stock valued at $128,310,000 after acquiring an additional 77,508 shares during the last quarter. Perceptive Advisors LLC lifted its holdings 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 valued at $60,475,000 after purchasing an additional 235,000 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position 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. Novo Holdings A S grew its stake 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 during the last quarter. Finally, Vanguard Group Inc. increased its position in CARGO Therapeutics by 179.5% during the first 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 during the period. Hedge funds and other institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Stock Performance

Shares of CARGO Therapeutics stock opened at $17.00 on Friday. The stock has a 50 day moving average of $20.69 and a 200 day moving average of $18.63. The firm has a market capitalization of $780.30 million and a price-to-earnings ratio of -4.27. 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 posted its earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. Analysts forecast that CARGO Therapeutics will post -4.37 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.