HC Wainwright Begins Coverage on CARGO Therapeutics (NASDAQ:CRGX)

HC Wainwright started coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a research note released on Monday morning, MarketBeat reports. The firm issued a buy rating and a $33.00 target price on the stock. HC Wainwright also issued estimates for CARGO Therapeutics’ Q2 2024 earnings at ($0.94) EPS, Q3 2024 earnings at ($0.91) EPS, Q4 2024 earnings at ($0.97) EPS, Q1 2025 earnings at ($1.00) EPS, Q2 2025 earnings at ($1.04) EPS, Q3 2025 earnings at ($1.05) EPS, Q4 2025 earnings at ($0.99) EPS and FY2025 earnings at ($4.08) EPS.

Several other equities research analysts have also commented on the stock. Truist Financial reaffirmed a buy rating and set a $32.00 price target (down previously from $34.00) on shares of CARGO Therapeutics in a research report on Thursday, May 16th. Chardan Capital began coverage on shares of CARGO Therapeutics in a research report on Monday, July 8th. They issued a buy rating and a $28.00 price target on the stock. Finally, Piper Sandler assumed coverage on shares of CARGO Therapeutics in a research note on Thursday, June 27th. They set an overweight rating and a $37.00 price target on the stock. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, CARGO Therapeutics currently has an average rating of Buy and an average price target of $30.83.

CARGO Therapeutics Stock Performance

Shares of CRGX stock opened at $17.34 on Monday. CARGO Therapeutics has a 12-month low of $13.14 and a 12-month high of $33.92. The firm’s 50 day moving average is $17.44 and its 200 day moving average is $20.74.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings data on Tuesday, May 14th. The company reported ($0.87) EPS for the quarter, topping the consensus estimate of ($1.05) by $0.18. On average, analysts predict that CARGO Therapeutics will post -4.59 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Samsara Biocapital Gp, Llc purchased 294,000 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was acquired at an average cost of $17.00 per share, for a total transaction of $4,998,000.00. Following the completion of the transaction, the insider now directly owns 4,415,689 shares in the company, valued at approximately $75,066,713. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CRGX. 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. bought a new position in CARGO Therapeutics in the 1st quarter worth approximately $237,000. BNP Paribas Financial Markets purchased a new stake in shares of CARGO Therapeutics in the first quarter worth about $238,000. California State Teachers Retirement System bought a new position in CARGO Therapeutics during the first quarter valued at approximately $337,000. Finally, Swiss National Bank purchased a new position in CARGO Therapeutics during the 1st quarter valued at approximately $636,000. 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.