Chardan Capital Initiates Coverage on CARGO Therapeutics (NASDAQ:CRGX)

Analysts at Chardan Capital began coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a report issued on Monday, MarketBeat.com reports. The brokerage set a “buy” rating and a $28.00 price target on the stock. Chardan Capital’s target price suggests a potential upside of 70.84% from the stock’s current price.

Other analysts have also recently issued reports about the company. 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. Jefferies Financial Group raised their target price on CARGO Therapeutics from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Finally, Piper Sandler began coverage on CARGO Therapeutics in a research note on Thursday, June 27th. They set an “overweight” rating and a $37.00 target price for the company. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CARGO Therapeutics presently has an average rating of “Buy” and an average price target of $30.40.

CARGO Therapeutics Stock Up 2.4 %

Shares of NASDAQ:CRGX opened at $16.39 on Monday. CARGO Therapeutics has a fifty-two week low of $13.14 and a fifty-two week high of $33.92. The firm’s 50 day moving average price is $18.11 and its 200 day moving average price is $21.19.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings data on Tuesday, May 14th. The company reported ($0.87) EPS for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.18. Analysts expect that CARGO Therapeutics will post -4.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Samsara Biocapital Gp, Llc bought 294,000 shares of CARGO Therapeutics stock in a transaction dated Thursday, May 30th. The stock was acquired at an average cost of $17.00 per share, with a total value of $4,998,000.00. Following the acquisition, the insider now owns 4,415,689 shares of the company’s stock, valued at $75,066,713. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On CARGO Therapeutics

A number of hedge funds have recently modified their holdings of the business. RTW Investments LP purchased a new position in CARGO Therapeutics during the 4th quarter worth $119,821,000. Perceptive Advisors LLC acquired a new stake in shares of CARGO Therapeutics during the fourth quarter worth about $79,557,000. Price T Rowe Associates Inc. MD boosted its stake in shares of CARGO Therapeutics by 38.2% during the first 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. Wellington Management Group LLP purchased a new position in shares of CARGO Therapeutics during the fourth quarter worth about $39,009,000. Finally, Vanguard Group Inc. increased its position 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 acquiring an additional 716,868 shares during the period. 93.16% of the stock is currently owned by hedge funds and other 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.