CARGO Therapeutics, Inc. (NASDAQ:CRGX) Receives $30.83 Average Target Price from Analysts

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) have earned an average rating of “Buy” from the seven research firms that are currently covering the company, Marketbeat reports. Seven research analysts have rated the stock with a buy recommendation. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $30.83.

CRGX has been the topic of a number of research reports. Chardan Capital initiated coverage on CARGO Therapeutics in a report on Monday, July 8th. They issued a “buy” rating and a $28.00 price objective on the stock. Truist Financial reaffirmed a “buy” rating and issued a $32.00 price objective (down from $34.00) on shares of CARGO Therapeutics in a report on Thursday, May 16th. Piper Sandler began coverage on CARGO Therapeutics in a report on Thursday, June 27th. They issued an “overweight” rating and a $37.00 price objective on the stock. Finally, HC Wainwright began coverage on CARGO Therapeutics in a report on Monday, July 22nd. They set a “buy” rating and a $33.00 target price on the stock.

CARGO Therapeutics Stock Performance

CRGX opened at $13.99 on Friday. CARGO Therapeutics has a 1-year low of $13.14 and a 1-year high of $33.92. The stock’s fifty day simple moving average is $16.65 and its 200 day simple moving average is $20.43.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings data on Tuesday, May 14th. The company reported ($0.87) EPS for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.18. As a group, research analysts expect that CARGO Therapeutics will post -4.59 earnings per share for the current fiscal year.

Insider Transactions at CARGO Therapeutics

In other CARGO Therapeutics news, major shareholder Samsara Biocapital Gp, Llc acquired 294,000 shares of CARGO Therapeutics stock in a transaction that occurred on Thursday, May 30th. The shares were acquired at an average cost of $17.00 per share, with a total value of $4,998,000.00. Following the completion of the purchase, the insider now directly owns 4,415,689 shares of the company’s stock, valued at approximately $75,066,713. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.38% of the stock is currently owned by insiders.

Institutional Trading of CARGO Therapeutics

Several large investors have recently bought and sold shares of the business. RTW Investments LP acquired a new stake in CARGO Therapeutics in the fourth quarter valued at about $119,821,000. Perceptive Advisors LLC acquired a new stake in CARGO Therapeutics in the fourth quarter valued at about $79,557,000. Price T Rowe Associates Inc. MD boosted its stake in CARGO Therapeutics by 38.2% in 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 buying an additional 854,840 shares in the last quarter. Wellington Management Group LLP bought a new position in CARGO Therapeutics in the fourth quarter valued at about $39,009,000. Finally, Vanguard Group Inc. raised its position in CARGO Therapeutics by 179.5% in 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 during the last quarter. 93.16% of the stock is 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.