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

Equities researchers at William Blair initiated coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating on the stock.

Other research analysts have also issued reports about the company. HC Wainwright restated a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research note on Friday, November 15th. 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 research note on Tuesday, August 13th. Finally, Chardan Capital reiterated a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $30.33.

CARGO Therapeutics Price Performance

CRGX opened at $16.42 on Tuesday. The company has a market capitalization of $755.81 million and a PE ratio of -3.85. CARGO Therapeutics has a fifty-two week low of $13.56 and a fifty-two week high of $33.92. The business has a 50-day moving average of $19.86 and a 200-day moving average of $18.41.

CARGO Therapeutics (NASDAQ:CRGX) last posted its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($1.14) by $0.26. On average, equities research analysts expect that CARGO Therapeutics will post -3.73 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total transaction of $40,448.00. Following the sale, the chief financial officer now directly owns 6,446 shares in the company, valued at $162,954.88. This trade represents a 19.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction dated 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 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 position. The disclosure for this sale can be found here. 1.38% of the stock is owned by company insiders.

Institutional Trading of CARGO Therapeutics

A number of institutional investors have recently made changes to their positions in the business. FMR LLC grew its stake 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 purchasing an additional 77,508 shares in the last quarter. RTW Investments LP lifted its stake in CARGO Therapeutics by 0.5% in the third quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock valued at $75,626,000 after acquiring an additional 20,833 shares during the last quarter. Perceptive Advisors LLC grew its position 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 acquiring an additional 235,000 shares during the period. Price T Rowe Associates Inc. MD raised its holdings 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. Finally, Janus Henderson Group PLC lifted its stake in CARGO Therapeutics by 1.8% in the 3rd quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock valued at $49,335,000 after purchasing an additional 46,659 shares during the last quarter. 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.