Chardan Capital Begins Coverage on CARGO Therapeutics (NASDAQ:CRGX)

Equities research analysts at Chardan Capital initiated coverage on shares of CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) in a research report issued to clients and investors on Monday, MarketBeat.com reports. The firm set a "buy" rating and a $28.00 price target on the stock. Chardan Capital's target price would suggest a potential upside of 75.00% from the company's current price.

A number of other research analysts also recently issued reports on the stock. Truist Financial restated a "buy" rating and set a $32.00 target price (down from $34.00) on shares of CARGO Therapeutics in a research report on Thursday, May 16th. Jefferies Financial Group boosted their target price on shares of CARGO Therapeutics from $28.00 to $32.00 and gave the company a "buy" rating in a research report on Friday, March 22nd. Finally, Piper Sandler started coverage on shares of CARGO Therapeutics in a research report on Thursday, June 27th. They set an "overweight" rating and a $37.00 target price for the company. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, CARGO Therapeutics presently has an average rating of "Buy" and a consensus price target of $30.40.

CARGO Therapeutics Trading Up 4.1 %

Shares of NASDAQ:CRGX traded up $0.63 on Monday, hitting $16.00. 159,178 shares of the company were exchanged, compared to its average volume of 241,461. The stock's 50 day moving average price is $18.11 and its 200 day moving average price is $21.19. CARGO Therapeutics has a 1-year low of $13.14 and a 1-year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last posted its earnings results on Tuesday, May 14th. The company reported ($0.87) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.05) by $0.18. On average, equities research analysts anticipate that CARGO Therapeutics will post -4.54 earnings per share for the current year.

Insider Buying and Selling at CARGO Therapeutics

In other news, major shareholder Samsara Biocapital Gp, Llc acquired 294,000 shares of the business's stock in a transaction on Thursday, May 30th. The stock was bought at an average price of $17.00 per share, with a total value of $4,998,000.00. Following the completion of the acquisition, the insider now owns 4,415,689 shares of the company's stock, valued at $75,066,713. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.38% of the stock is owned by corporate insiders.

Institutional Trading of CARGO Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Ameritas Investment Partners Inc. purchased a new stake in shares of CARGO Therapeutics during the first quarter worth about $48,000. American International Group Inc. purchased a new stake in shares of CARGO Therapeutics during the first quarter worth about $237,000. BNP Paribas Financial Markets purchased a new stake in shares of CARGO Therapeutics during the first quarter worth about $238,000. California State Teachers Retirement System purchased a new stake in shares of CARGO Therapeutics during the first quarter worth about $337,000. Finally, Swiss National Bank purchased a new stake in shares of CARGO Therapeutics during the first quarter worth about $636,000. Hedge funds and other institutional investors own 93.16% of the company's stock.

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.