CARGO Therapeutics (NASDAQ:CRGX) Given Buy Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of CARGO Therapeutics (NASDAQ:CRGX) in a report issued on Friday morning,Benzinga reports. HC Wainwright currently has a $33.00 price objective on the stock.

Several other equities analysts have also commented on CRGX. Chardan Capital reaffirmed a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Piper Sandler decreased their target price 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 research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $30.33.

CARGO Therapeutics Stock Up 0.3 %

Shares of NASDAQ CRGX opened at $16.05 on Friday. The stock has a market capitalization of $738.78 million and a P/E ratio of -3.76. The stock’s 50 day moving average price is $20.59 and its two-hundred day moving average price is $18.58. CARGO Therapeutics has a 52-week low of $13.56 and a 52-week high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. On average, analysts anticipate that CARGO Therapeutics will post -3.93 EPS for the current year.

Insider Buying and Selling

In related news, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $162,954.88. This trade represents a 19.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the transaction, the chief executive officer now directly owns 103,905 shares in the company, valued at $2,600,742.15. This represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is owned by corporate insiders.

Institutional Trading of CARGO Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets bought a new position in shares of CARGO Therapeutics in the first quarter valued at $238,000. Swiss National Bank purchased a new stake in CARGO Therapeutics during the first quarter valued at about $636,000. Vanguard Group Inc. increased its position 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 worth $24,916,000 after acquiring an additional 716,868 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new stake in shares of CARGO Therapeutics during the first quarter valued at approximately $48,000. Finally, American International Group Inc. purchased a new position in CARGO Therapeutics during the 1st quarter worth approximately $237,000. 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.