CARGO Therapeutics, Inc. (NASDAQ:CRGX) Given Consensus Recommendation of “Buy” by Brokerages

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) have received a consensus recommendation of “Buy” from the seven analysts that are covering the firm, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a buy rating. The average 1 year price target among brokers that have covered the stock in the last year is $30.33.

Several brokerages have recently issued reports on CRGX. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a report on Friday. Chardan Capital reaffirmed a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday. Finally, Piper Sandler dropped their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th.

CARGO Therapeutics Stock Performance

Shares of NASDAQ CRGX opened at $16.00 on Friday. The company has a market cap of $736.45 million and a P/E ratio of -3.76. CARGO Therapeutics has a 52-week low of $13.56 and a 52-week high of $33.92. The firm’s fifty day moving average is $20.59 and its two-hundred day moving average is $18.60.

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

Insiders Place Their Bets

In other news, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were 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 in the company, valued at approximately $162,954.88. This trade represents a 19.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics 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 transaction, the chief executive officer now directly owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. This represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is owned by insiders.

Institutional Investors Weigh In On CARGO Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Ameritas Investment Partners Inc. bought a new position in CARGO Therapeutics in the 1st quarter valued at $48,000. American International Group Inc. purchased a new position in CARGO Therapeutics in the 1st quarter worth about $237,000. BNP Paribas Financial Markets bought a new stake in CARGO Therapeutics during the 1st quarter valued at about $238,000. SG Americas Securities LLC purchased a new stake in CARGO Therapeutics in the 3rd quarter valued at about $234,000. Finally, California State Teachers Retirement System bought a new position in CARGO Therapeutics in the 1st quarter worth about $337,000. 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.