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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has earned an average recommendation of “Buy” from the six brokerages that are covering the firm, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy rating. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $31.80.

Several research analysts recently issued reports on the stock. William Blair began coverage on shares of CARGO Therapeutics in a research report on Tuesday, November 26th. They issued an “outperform” rating for the company. 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. 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 report on Tuesday, August 13th. Finally, HC Wainwright restated a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a report on Friday, November 15th.

CARGO Therapeutics Price Performance

Shares of CRGX stock opened at $16.70 on Thursday. The stock has a market capitalization of $768.70 million and a price-to-earnings ratio of -3.92. The company’s fifty day simple moving average is $19.21 and its two-hundred day simple moving average is $18.22. CARGO Therapeutics has a 1 year low of $13.56 and a 1 year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. Equities research analysts anticipate that CARGO Therapeutics will post -3.73 EPS for the current year.

Insiders Place Their Bets

In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was 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 owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. The trade was a 2.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics 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 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. Corporate insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On CARGO Therapeutics

A number of institutional investors have recently bought and sold shares of CRGX. Vanguard Group Inc. grew its holdings in CARGO Therapeutics by 179.5% during the 1st quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock valued at $24,916,000 after buying an additional 716,868 shares in the last quarter. California State Teachers Retirement System purchased a new stake in shares of CARGO Therapeutics in the first quarter valued at $337,000. Bank of New York Mellon Corp lifted its stake in CARGO Therapeutics by 11.5% in the second quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after purchasing an additional 7,146 shares during the last quarter. Rhumbline Advisers lifted its stake in shares of CARGO Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after acquiring an additional 3,765 shares during the last quarter. Finally, TD Asset Management Inc grew its holdings in shares of CARGO Therapeutics by 78.7% in the second quarter. TD Asset Management Inc now owns 289,352 shares of the company’s stock worth $4,751,000 after purchasing an additional 127,418 shares during the last quarter. 93.16% of the stock is owned by institutional investors.

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.