CARGO Therapeutics (NASDAQ:CRGX) Coverage Initiated at HC Wainwright

HC Wainwright began coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a report issued on Monday morning, Marketbeat.com reports. The firm issued a buy rating and a $33.00 price objective on the stock. HC Wainwright also issued estimates for CARGO Therapeutics’ Q2 2024 earnings at ($0.94) EPS, Q3 2024 earnings at ($0.91) EPS, Q4 2024 earnings at ($0.97) EPS, Q1 2025 earnings at ($1.00) EPS, Q2 2025 earnings at ($1.04) EPS, Q3 2025 earnings at ($1.05) EPS, Q4 2025 earnings at ($0.99) EPS and FY2025 earnings at ($4.08) EPS.

Other research analysts have also recently issued research reports about the stock. Piper Sandler began coverage on shares of CARGO Therapeutics in a report on Thursday, June 27th. They set an overweight rating and a $37.00 price target for the company. Chardan Capital started coverage on shares of CARGO Therapeutics in a research note on Monday, July 8th. They set a buy rating and a $28.00 target price for the company. Finally, Truist Financial restated a buy rating and issued a $32.00 price target (down from $34.00) on shares of CARGO Therapeutics in a research note on Thursday, May 16th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of Buy and a consensus target price of $30.83.

CARGO Therapeutics Trading Down 0.9 %

CRGX stock opened at $17.34 on Monday. The business’s fifty day moving average price is $17.44 and its 200 day moving average price is $20.74. CARGO Therapeutics has a 12-month low of $13.14 and a 12-month high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last released its earnings results on Tuesday, May 14th. The company reported ($0.87) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.18. As a group, equities analysts anticipate that CARGO Therapeutics will post -4.59 earnings per share for the current fiscal year.

Insider Activity at CARGO Therapeutics

In related news, major shareholder Samsara Biocapital Gp, Llc acquired 294,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was bought at an average price of $17.00 per share, for a total transaction of $4,998,000.00. Following the completion of the purchase, the insider now directly owns 4,415,689 shares of the company’s stock, valued at approximately $75,066,713. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.38% of the company’s stock.

Institutional Investors Weigh In On CARGO Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. purchased a new stake in shares of CARGO Therapeutics in the first quarter valued at about $48,000. American International Group Inc. acquired a new position in CARGO Therapeutics in the 1st quarter valued at $237,000. BNP Paribas Financial Markets purchased a new position in CARGO Therapeutics during the 1st quarter worth $238,000. California State Teachers Retirement System acquired a new stake in shares of CARGO Therapeutics in the 1st quarter worth $337,000. Finally, Swiss National Bank purchased a new stake in shares of CARGO Therapeutics in the first quarter valued at about $636,000. Hedge funds and other institutional investors own 93.16% of the company’s stock.

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.