CARGO Therapeutics (NASDAQ:CRGX) Receives Buy Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of CARGO Therapeutics (NASDAQ:CRGX) in a report issued on Friday morning,Benzinga reports. HC Wainwright currently has a $33.00 price objective on the stock.

Several other equities research analysts have also weighed in on the stock. Piper Sandler dropped their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. Chardan Capital reissued a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a report on Wednesday. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $30.33.

CARGO Therapeutics Stock Down 5.9 %

NASDAQ:CRGX traded down $1.00 during trading hours on Friday, reaching $16.00. 501,101 shares of the stock were exchanged, compared to its average volume of 257,613. The stock has a market capitalization of $736.45 million and a P/E ratio of -3.76. The firm has a 50 day simple moving average of $20.59 and a 200-day simple moving average of $18.60. CARGO Therapeutics has a 52 week low of $13.56 and a 52 week high of $33.92.

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

Insiders Place Their Bets

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

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. purchased a new position in shares of CARGO Therapeutics in the first quarter worth approximately $48,000. American International Group Inc. purchased a new position in CARGO Therapeutics during the 1st quarter worth approximately $237,000. BNP Paribas Financial Markets acquired a new stake in CARGO Therapeutics during the 1st quarter valued at $238,000. SG Americas Securities LLC purchased a new stake in shares of CARGO Therapeutics in the third quarter valued at $234,000. Finally, California State Teachers Retirement System purchased a new stake in shares of CARGO Therapeutics in the first quarter valued at $337,000. Institutional investors and hedge funds 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.