CARGO Therapeutics, Inc. (NASDAQ:CRGX) Receives Average Rating of "Buy" from Brokerages

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report) have received an average recommendation of "Buy" from the seven brokerages that are currently covering the company, MarketBeat reports. Seven investment analysts have rated the stock with a buy recommendation. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $30.33.

Several analysts recently issued reports on the company. HC Wainwright reiterated a "buy" rating and set a $33.00 target price on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Piper Sandler cut their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an "overweight" rating for the company in a report on Tuesday, August 13th.

Insider Activity at CARGO Therapeutics

In other CARGO Therapeutics news, CFO Anup Radhakrishnan sold 1,600 shares of the firm's stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total transaction of $40,448.00. Following the completion of the transaction, the chief financial officer now owns 6,446 shares in the company, valued at $162,954.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Gina Chapman sold 2,975 shares of the company's stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction of $74,464.25. Following the sale, the chief executive officer now directly owns 103,905 shares in the company, valued at approximately $2,600,742.15. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anup Radhakrishnan sold 1,600 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total transaction 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 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On CARGO Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets bought a new position in shares of CARGO Therapeutics during the 1st quarter valued at approximately $238,000. Swiss National Bank bought a new position in CARGO Therapeutics during the first quarter valued at $636,000. Vanguard Group Inc. raised its stake in shares of 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 acquiring an additional 716,868 shares during the period. Ameritas Investment Partners Inc. bought a new stake in shares of CARGO Therapeutics in the 1st quarter worth about $48,000. Finally, American International Group Inc. bought a new stake in shares of CARGO Therapeutics in the 1st quarter worth about $237,000. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

CARGO Therapeutics Stock Performance

Shares of NASDAQ CRGX traded up $0.87 during midday trading on Friday, reaching $22.36. The stock had a trading volume of 142,394 shares, compared to its average volume of 164,149. The company has a market capitalization of $1.03 billion and a price-to-earnings ratio of -0.44. CARGO Therapeutics has a 12-month low of $13.14 and a 12-month high of $33.92. The stock has a 50-day moving average of $20.54 and a 200-day moving average of $18.59.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last issued its quarterly earnings results on Monday, August 12th. The company reported ($1.02) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.06) by $0.04. As a group, analysts forecast that CARGO Therapeutics will post -4.37 EPS for the current fiscal year.

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.