CARGO Therapeutics (NASDAQ:CRGX) Coverage Initiated by Analysts at William Blair

William Blair initiated coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage issued an outperform rating on the stock.

A number of other research analysts also recently issued reports on CRGX. HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a report on Friday, November 15th. Chardan Capital reiterated a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Finally, Piper Sandler dropped their price target on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $30.33.

CARGO Therapeutics Price Performance

CRGX stock opened at $17.23 on Tuesday. The company has a market capitalization of $793.10 million and a P/E ratio of -4.04. CARGO Therapeutics has a 12 month low of $13.56 and a 12 month high of $33.92. The firm’s fifty day simple moving average is $19.74 and its 200-day simple moving average is $18.40.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, beating the consensus estimate of ($1.14) by $0.26. As a group, sell-side analysts forecast that CARGO Therapeutics will post -3.73 earnings per share for the current year.

Insider Activity at CARGO Therapeutics

In related news, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s 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 transaction, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. This trade represents a 19.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Gina Chapman sold 2,975 shares of the business’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 value of $74,464.25. Following the sale, the chief executive officer now owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. This trade represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On CARGO Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in CRGX. FMR LLC raised its stake in CARGO Therapeutics by 1.1% in the 3rd quarter. FMR LLC now owns 6,954,476 shares of the company’s stock valued at $128,310,000 after purchasing an additional 77,508 shares during the last quarter. RTW Investments LP lifted its stake in shares of CARGO Therapeutics by 0.5% in the third quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock worth $75,626,000 after buying an additional 20,833 shares in the last quarter. Perceptive Advisors LLC lifted its stake in shares of CARGO Therapeutics by 6.8% in the second quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after buying an additional 235,000 shares in the last quarter. 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 acquiring an additional 854,840 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in CARGO Therapeutics by 1.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock valued at $49,335,000 after acquiring an additional 46,659 shares in the last quarter. 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.