CARGO Therapeutics (NASDAQ:CRGX) Now Covered by Analysts at Piper Sandler

Piper Sandler initiated coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a report issued on Thursday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $37.00 price objective on the stock.

Several other equities analysts have also recently issued reports on CRGX. Jefferies Financial Group raised their price objective on CARGO Therapeutics from $28.00 to $32.00 and gave the stock a buy rating in a research note on Friday, March 22nd. Truist Financial restated a buy rating and set a $32.00 price objective (down from $34.00) on shares of CARGO Therapeutics in a research note on Thursday, May 16th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, CARGO Therapeutics currently has a consensus rating of Buy and an average price target of $31.00.

CARGO Therapeutics Price Performance

CRGX stock opened at $16.42 on Thursday. CARGO Therapeutics has a twelve month low of $13.14 and a twelve month high of $33.92. The firm has a 50 day simple moving average of $18.49 and a 200-day simple moving average of $21.31.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings results on Tuesday, May 14th. The company reported ($0.87) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.18. On average, equities analysts anticipate that CARGO Therapeutics will post -4.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Samsara Biocapital Gp, Llc bought 294,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were bought at an average cost of $17.00 per share, for a total transaction of $4,998,000.00. Following the completion of the purchase, the insider now owns 4,415,689 shares of the company’s stock, valued at approximately $75,066,713. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.38% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On CARGO Therapeutics

A number of hedge funds have recently added to or reduced their stakes in CRGX. RTW Investments LP bought a new stake in CARGO Therapeutics in the fourth quarter valued at $119,821,000. Perceptive Advisors LLC bought a new stake in shares of CARGO Therapeutics during the fourth quarter valued at about $79,557,000. Wellington Management Group LLP bought a new stake in shares of CARGO Therapeutics during the fourth quarter valued at about $39,009,000. Price T Rowe Associates Inc. MD raised 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 valued at $69,044,000 after purchasing an additional 854,840 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of CARGO Therapeutics by 179.5% during the first quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock valued at $24,916,000 after purchasing an additional 716,868 shares in the last quarter. 93.16% of the stock is currently 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.