CARGO Therapeutics (NASDAQ:CRGX) Given “Buy” Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of CARGO Therapeutics (NASDAQ:CRGX) in a research note published on Friday morning,Benzinga reports. HC Wainwright currently has a $33.00 target price on the stock.

A number of other brokerages have also commented on CRGX. Piper Sandler lowered their price objective on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Chardan Capital reissued a “buy” rating and set a $28.00 price objective on shares of CARGO Therapeutics in a report on Wednesday. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $30.33.

CARGO Therapeutics Stock Down 5.9 %

Shares of CRGX traded down $1.00 during mid-day trading on Friday, hitting $16.00. 501,101 shares of the company’s stock were exchanged, compared to its average volume of 257,613. CARGO Therapeutics has a twelve month low of $13.56 and a twelve month high of $33.92. The firm has a fifty day moving average of $20.59 and a two-hundred day moving average of $18.60. The stock has a market cap of $736.45 million and a price-to-earnings ratio of -3.76.

CARGO Therapeutics (NASDAQ:CRGX) last posted its earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.26. On average, equities analysts predict that CARGO Therapeutics will post -4.37 earnings per share for the current year.

Insiders Place Their Bets

In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of the firm’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 value of $74,464.25. Following the completion of the sale, the chief executive officer now owns 103,905 shares in the company, valued at approximately $2,600,742.15. This trade represents a 2.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anup Radhakrishnan sold 1,600 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the sale, the chief financial officer now owns 6,446 shares in the company, valued at approximately $162,954.88. This represents a 19.89 % 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.

Hedge Funds Weigh In On CARGO Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in CRGX. Yu Fan acquired a new position in CARGO Therapeutics in the second quarter worth about $14,975,000. Price T Rowe Associates Inc. MD lifted its position in shares of CARGO Therapeutics by 38.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock worth $69,044,000 after buying an additional 854,840 shares during the period. Vanguard Group Inc. boosted its stake in CARGO Therapeutics by 179.5% in 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. Geode Capital Management LLC grew its position in CARGO Therapeutics by 80.6% in the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock valued at $15,469,000 after acquiring an additional 374,018 shares during the period. Finally, Cowen AND Company LLC raised its stake in CARGO Therapeutics by 121.7% during the second quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock worth $9,102,000 after acquiring an additional 304,305 shares in 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.