CARGO Therapeutics (NASDAQ:CRGX) Receives “Buy” Rating from Chardan Capital

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

Several other brokerages have also issued reports on CRGX. Piper Sandler cut their price objective on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, CARGO Therapeutics currently has an average rating of “Buy” and a consensus price target of $30.33.

CARGO Therapeutics Stock Performance

CRGX stock opened at $19.03 on Wednesday. The firm has a 50 day simple moving average of $20.67 and a 200 day simple moving average of $18.63. CARGO Therapeutics has a 52 week low of $13.56 and a 52 week high of $33.92. The stock has a market cap of $873.48 million and a P/E ratio of -4.47.

CARGO Therapeutics (NASDAQ:CRGX) last issued its earnings results on Monday, August 12th. The company reported ($1.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.04. Sell-side analysts predict that CARGO Therapeutics will post -4.37 EPS for the current year.

Insiders Place Their Bets

In other CARGO Therapeutics news, CFO Anup Radhakrishnan sold 1,600 shares of the business’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total value of $40,448.00. Following the completion of the sale, the chief financial officer now owns 6,446 shares of the company’s stock, valued at $162,954.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Gina Chapman sold 2,975 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were 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 in the company, valued at approximately $2,600,742.15. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total transaction of $40,448.00. Following the completion of the transaction, the chief financial officer now owns 6,446 shares in the company, valued at $162,954.88. This trade represents a 0.00 % decrease in their position. 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 institutional investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. bought a new stake in CARGO Therapeutics during the 1st quarter valued at approximately $48,000. BNP Paribas Financial Markets boosted its position in shares of CARGO Therapeutics by 437.8% in the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after acquiring an additional 9,311 shares during the period. SG Americas Securities LLC acquired a new stake in shares of CARGO Therapeutics in the third quarter worth $234,000. American International Group Inc. acquired a new stake in shares of CARGO Therapeutics in the first quarter worth $237,000. Finally, California State Teachers Retirement System bought a new position in CARGO Therapeutics during the first quarter worth $337,000. 93.16% of the stock is currently owned by institutional investors.

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.