CARGO Therapeutics, Inc. (NASDAQ:CRGX) Receives $30.33 Average PT from Brokerages

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has been assigned an average recommendation of “Buy” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Seven equities research analysts have rated the stock with a buy recommendation. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $30.33.

CRGX has been the topic of several research analyst reports. Chardan Capital initiated coverage on shares of CARGO Therapeutics in a report on Monday, July 8th. They issued a “buy” rating and a $28.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a report on Tuesday, August 13th. Finally, Piper Sandler dropped their price target on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th.

Insider Activity

In other news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics 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 transaction, the chief executive officer now owns 103,905 shares in the company, valued at approximately $2,600,742.15. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other CARGO Therapeutics news, CFO Anup Radhakrishnan sold 1,600 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total value of $40,448.00. Following the transaction, the chief financial officer now owns 6,446 shares of the company’s stock, valued at $162,954.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the transaction, the chief executive officer now directly owns 103,905 shares in the company, valued at $2,600,742.15. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.38% of the company’s stock.

Institutional Trading of CARGO Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Swiss National Bank bought a new position in CARGO Therapeutics in the first quarter worth approximately $636,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of CARGO Therapeutics by 38.2% in 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. Wellington Management Group LLP bought a new position in shares of CARGO Therapeutics during the 4th quarter worth $39,009,000. Yu Fan purchased a new position in shares of CARGO Therapeutics during the second quarter valued at $14,975,000. Finally, Cowen AND Company LLC raised its holdings in shares of CARGO Therapeutics by 121.7% in the second quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock valued at $9,102,000 after acquiring an additional 304,305 shares in the last quarter. Institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Price Performance

CRGX opened at $22.22 on Wednesday. The company has a 50 day simple moving average of $19.29 and a two-hundred day simple moving average of $18.49. The firm has a market cap of $1.02 billion and a P/E ratio of -0.44. CARGO Therapeutics has a 1-year low of $13.14 and a 1-year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last issued its earnings results on Monday, August 12th. The company reported ($1.02) earnings per share for the quarter, topping the consensus estimate of ($1.06) by $0.04. Equities analysts anticipate that CARGO Therapeutics will post -4.37 earnings per share for the current year.

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.