CARGO Therapeutics (NASDAQ:CRGX) Coverage Initiated by Analysts at Chardan Capital

Chardan Capital started coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a report issued on Monday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $28.00 price objective on the stock.

Several other analysts have also recently commented on CRGX. Jefferies Financial Group lifted their price target on CARGO Therapeutics from $28.00 to $32.00 and gave the company a buy rating in a report on Friday, March 22nd. Truist Financial restated a buy rating and set a $32.00 price objective (down previously from $34.00) on shares of CARGO Therapeutics in a research note on Thursday, May 16th. Finally, Piper Sandler began coverage on shares of CARGO Therapeutics in a research note on Thursday, June 27th. They issued an overweight rating and a $37.00 target price for the company. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, CARGO Therapeutics has an average rating of Buy and a consensus target price of $30.40.

CARGO Therapeutics Stock Up 3.6 %

Shares of CRGX stock opened at $17.20 on Monday. CARGO Therapeutics has a 1 year low of $13.14 and a 1 year high of $33.92. The stock has a fifty day moving average price of $17.90 and a 200 day moving average price of $21.08.

CARGO Therapeutics (NASDAQ:CRGX) last posted its earnings results on Tuesday, May 14th. The company reported ($0.87) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.18. As a group, equities analysts forecast that CARGO Therapeutics will post -4.54 earnings per share for the current year.

Insider Buying and Selling at CARGO Therapeutics

In other news, major shareholder Samsara Biocapital Gp, Llc purchased 294,000 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were bought at an average price 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 $75,066,713. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.38% of the stock is owned by insiders.

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors have recently added to or reduced their stakes in CRGX. Franklin Resources Inc. acquired a new position in shares of CARGO Therapeutics in the fourth quarter worth $13,333,000. Perceptive Advisors LLC acquired a new position in CARGO Therapeutics during the fourth quarter worth $79,557,000. Wellington Management Group LLP bought a new position in shares of CARGO Therapeutics in the fourth quarter valued at approximately $39,009,000. RTW Investments LP bought a new position in shares of CARGO Therapeutics in the fourth quarter valued at about $119,821,000. Finally, California State Teachers Retirement System acquired a new position in CARGO Therapeutics during the 1st quarter worth $337,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.