Chardan Capital Reiterates Buy Rating for CARGO Therapeutics (NASDAQ:CRGX)

Chardan Capital restated their buy rating on shares of CARGO Therapeutics (NASDAQ:CRGX) in a report released on Wednesday,Benzinga reports. They currently have a $28.00 price target on the stock.

A number of other equities research analysts also recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Piper Sandler reduced their price target on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $30.33.

CARGO Therapeutics Stock Performance

Shares of NASDAQ:CRGX opened at $16.00 on Wednesday. The stock’s 50-day simple moving average is $20.65 and its two-hundred day simple moving average is $18.62. The stock has a market capitalization of $736.45 million and a price-to-earnings ratio of -3.76. CARGO Therapeutics has a 52-week low of $13.56 and a 52-week high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($1.14) by $0.26. As a group, equities analysts forecast that CARGO Therapeutics will post -4.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Gina Chapman sold 2,975 shares of the business’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 transaction, the chief executive officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Anup Radhakrishnan sold 1,600 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $162,954.88. This trade represents a 19.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CARGO Therapeutics

Several hedge funds have recently modified their holdings of CRGX. BNP Paribas Financial Markets bought a new stake in CARGO Therapeutics in the 1st quarter valued at $238,000. Swiss National Bank purchased a new position in shares of CARGO Therapeutics during the first quarter valued at about $636,000. Vanguard Group Inc. increased its holdings in shares of CARGO Therapeutics by 179.5% in the first quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock worth $24,916,000 after purchasing an additional 716,868 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new stake in shares of CARGO Therapeutics in the first quarter worth about $48,000. Finally, American International Group Inc. bought a new position in CARGO Therapeutics during the first quarter valued at approximately $237,000. 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.