Analysts Set CARGO Therapeutics, Inc. (NASDAQ:CRGX) Price Target at $30.33

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has been assigned a consensus rating of “Buy” from the seven analysts that are currently covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a buy rating. The average 1 year price target among brokers that have covered the stock in the last year is $30.33.

Several brokerages have commented on CRGX. Piper Sandler lowered their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. Chardan Capital began coverage on shares of CARGO Therapeutics in a report on Monday, July 8th. They issued a “buy” rating and a $28.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a report on Tuesday, August 13th.

CARGO Therapeutics Stock Performance

NASDAQ CRGX opened at $19.13 on Friday. The stock’s 50-day simple moving average is $18.18 and its two-hundred day simple moving average is $19.26. CARGO Therapeutics has a twelve month low of $13.14 and a twelve month high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last posted its earnings results on Monday, August 12th. The company reported ($1.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.06) by $0.04. Research analysts predict that CARGO Therapeutics will post -4.37 EPS for the current year.

Insider Activity

In related news, CFO Anup Radhakrishnan sold 1,600 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the completion of the transaction, the chief financial officer now directly owns 6,446 shares in the company, valued at approximately $162,954.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total value 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 approximately $2,600,742.15. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Anup Radhakrishnan sold 1,600 shares of the business’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 completion of the transaction, the chief financial officer now owns 6,446 shares of the company’s stock, valued at $162,954.88. The disclosure for this sale can be found here. Company insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On CARGO Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. bought a new stake in CARGO Therapeutics during the first quarter valued at approximately $48,000. Rhumbline Advisers grew its position in shares of CARGO Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after acquiring an additional 3,765 shares during the period. Bank of New York Mellon Corp grew its position in shares of CARGO Therapeutics by 11.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock valued at $1,136,000 after acquiring an additional 7,146 shares during the period. American International Group Inc. purchased a new stake in shares of CARGO Therapeutics in the 1st quarter worth $237,000. Finally, BNP Paribas Financial Markets bought a new position in CARGO Therapeutics in the 1st quarter worth $238,000. 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.