CARGO Therapeutics (NASDAQ:CRGX) Receives “Buy” Rating from Chardan Capital

CARGO Therapeutics (NASDAQ:CRGX)‘s stock had its “buy” rating reiterated by investment analysts at Chardan Capital in a report released on Wednesday,Benzinga reports. They presently have a $28.00 target price on the stock. Chardan Capital’s price objective would suggest a potential upside of 64.71% from the stock’s current price.

Several other equities research analysts have also recently issued reports on CRGX. Piper Sandler decreased 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. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of CARGO Therapeutics in a report on Tuesday, August 13th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $30.33.

CARGO Therapeutics Trading Down 10.7 %

NASDAQ:CRGX opened at $17.00 on Wednesday. The stock has a fifty day moving average price of $20.69 and a 200 day moving average price of $18.63. CARGO Therapeutics has a 12-month low of $13.56 and a 12-month high of $33.92. The firm has a market cap of $780.30 million and a PE ratio of -4.27.

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

Insider Buying and Selling

In other news, CEO Gina Chapman sold 2,975 shares of the 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 completion of the sale, the chief executive officer now directly owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. This represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the chief financial officer now owns 6,446 shares in the company, valued at approximately $162,954.88. This trade represents 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 company insiders.

Institutional Trading of CARGO Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. purchased a new position in CARGO Therapeutics during the 1st quarter worth $48,000. Rhumbline Advisers boosted its stake in shares of CARGO Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after buying an additional 3,765 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of CARGO Therapeutics by 11.5% during the second quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after buying an additional 7,146 shares during the last quarter. MetLife Investment Management LLC increased its position in CARGO Therapeutics by 59.3% in the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after acquiring an additional 7,380 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after acquiring an additional 9,311 shares during the last quarter. Hedge funds and other institutional investors 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.