CARGO Therapeutics’ (CRGX) Buy Rating Reiterated at Chardan Capital

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

A number of other equities analysts also recently commented on the company. HC Wainwright restated a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a report on Tuesday, August 13th. Piper Sandler dropped their target price on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $30.33.

CARGO Therapeutics Stock Down 5.9 %

Shares of CARGO Therapeutics stock opened at $16.00 on Wednesday. The company’s fifty day simple moving average is $20.65 and its two-hundred day simple moving average is $18.62. CARGO Therapeutics has a 12-month low of $13.56 and a 12-month high of $33.92. The firm has a market cap of $736.45 million and a PE ratio of -3.76.

CARGO Therapeutics (NASDAQ:CRGX) last posted 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, sell-side analysts expect that CARGO Therapeutics will post -4.37 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other CARGO Therapeutics news, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics 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 transaction, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. The trade was a 19.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gina Chapman sold 2,975 shares of the company’s stock in a transaction that occurred on 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 owns 103,905 shares in the company, valued at approximately $2,600,742.15. This represents a 2.78 % 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

A number of institutional investors and hedge funds have recently modified their holdings of the business. Ameritas Investment Partners Inc. purchased a new stake in shares of CARGO Therapeutics during the first quarter valued at $48,000. BNP Paribas Financial Markets lifted its stake in CARGO Therapeutics by 437.8% during the 3rd 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 purchased a new stake in shares of CARGO Therapeutics during the 3rd quarter valued at about $234,000. American International Group Inc. bought a new stake in shares of CARGO Therapeutics in the first quarter worth approximately $237,000. Finally, California State Teachers Retirement System purchased a new position in shares of CARGO Therapeutics during the first quarter valued at approximately $337,000. Institutional investors own 93.16% of the company’s stock.

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.