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

Equities research analysts at Chardan Capital assumed coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a research note issued on Monday, MarketBeat.com reports. The firm set a “buy” rating and a $28.00 price target on the stock. Chardan Capital’s price objective indicates a potential upside of 70.84% from the company’s previous close.

CRGX has been the subject of a number of other reports. Truist Financial reissued a “buy” rating and set a $32.00 target price (down from $34.00) on shares of CARGO Therapeutics in a research note on Thursday, May 16th. Jefferies Financial Group lifted their price target on CARGO Therapeutics from $28.00 to $32.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Finally, Piper Sandler began coverage on CARGO Therapeutics in a report on Thursday, June 27th. They issued an “overweight” rating and a $37.00 price objective for the company. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $30.40.

CARGO Therapeutics Trading Up 2.4 %

Shares of CARGO Therapeutics stock opened at $16.39 on Monday. CARGO Therapeutics has a twelve month low of $13.14 and a twelve month high of $33.92. The business’s 50 day simple moving average is $18.11 and its 200-day simple moving average is $21.19.

CARGO Therapeutics (NASDAQ:CRGX) last issued its earnings results on Tuesday, May 14th. The company reported ($0.87) earnings per share for the quarter, topping the consensus estimate of ($1.05) by $0.18. Research analysts anticipate that CARGO Therapeutics will post -4.54 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Samsara Biocapital Gp, Llc bought 294,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were purchased 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 directly owns 4,415,689 shares in the company, valued at $75,066,713. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On CARGO Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. California State Teachers Retirement System acquired a new position in CARGO Therapeutics during the first quarter worth about $337,000. Price T Rowe Associates Inc. MD boosted its position in shares of CARGO Therapeutics by 38.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock valued at $69,044,000 after purchasing an additional 854,840 shares in the last quarter. StemPoint Capital LP grew its stake in shares of CARGO Therapeutics by 90.2% in the 1st quarter. StemPoint Capital LP now owns 51,126 shares of the company’s stock worth $1,141,000 after purchasing an additional 24,251 shares during the last quarter. American International Group Inc. bought a new stake in shares of CARGO Therapeutics in the 1st quarter worth approximately $237,000. Finally, Ameritas Investment Partners Inc. acquired a new stake in CARGO Therapeutics during the first quarter valued at approximately $48,000. 93.16% of the stock is owned by institutional investors.

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.