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

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at HC Wainwright in a report released on Friday,Benzinga reports. They currently have a $33.00 target price on the stock. HC Wainwright's target price indicates a potential upside of 106.25% from the stock's previous close.

A number of other analysts also recently issued reports on the stock. Chardan Capital reiterated a "buy" rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a report on Wednesday. Piper Sandler reduced 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 report on Tuesday, August 13th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $30.33.

CARGO Therapeutics Trading Down 5.9 %

NASDAQ CRGX traded down $1.00 on Friday, hitting $16.00. 498,166 shares of the company were exchanged, compared to its average volume of 257,600. The firm has a 50 day moving average of $20.65 and a two-hundred day moving average of $18.62. The company has a market cap of $736.48 million and a P/E ratio of -3.76. CARGO Therapeutics has a 1-year low of $13.56 and a 1-year high of $33.92.

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

Insider Buying and Selling at CARGO Therapeutics

In other news, CFO Anup Radhakrishnan sold 1,600 shares of the company's 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 completion of the transaction, the chief financial officer now owns 6,446 shares of the company's stock, valued at $162,954.88. This represents a 19.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total value 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. The trade was a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.38% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Yu Fan purchased a new stake in shares of CARGO Therapeutics in the second quarter worth about $14,975,000. Price T Rowe Associates Inc. MD boosted its position in CARGO Therapeutics by 38.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company's stock worth $69,044,000 after purchasing an additional 854,840 shares in the last quarter. Vanguard Group Inc. boosted its position in CARGO Therapeutics by 179.5% during the first quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company's stock worth $24,916,000 after purchasing an additional 716,868 shares in the last quarter. Cowen AND Company LLC boosted its position in CARGO Therapeutics by 121.7% during the second quarter. Cowen AND Company LLC now owns 554,305 shares of the company's stock worth $9,102,000 after purchasing an additional 304,305 shares in the last quarter. Finally, Novo Holdings A S boosted its position in CARGO Therapeutics by 23.5% during the second quarter. Novo Holdings A S now owns 1,544,000 shares of the company's stock worth $25,352,000 after purchasing an additional 294,000 shares in 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.