CARGO Therapeutics (NASDAQ:CRGX) Coverage Initiated by Analysts at William Blair

Equities research analysts at William Blair started coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a research report issued to clients and investors on Tuesday,Briefing.com Automated Import reports. The firm set an “outperform” rating on the stock.

A number of other brokerages also recently issued reports on CRGX. HC Wainwright reiterated a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research note on Friday, November 15th. Piper Sandler reduced their price target on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Finally, Chardan Capital reissued a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $30.33.

CARGO Therapeutics Price Performance

NASDAQ:CRGX opened at $16.42 on Tuesday. The firm’s fifty day moving average price is $19.86 and its two-hundred day moving average price is $18.41. The company has a market cap of $755.81 million and a P/E ratio of -3.85. CARGO Therapeutics has a one year low of $13.56 and a one year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last posted its earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, beating the consensus estimate of ($1.14) by $0.26. As a group, equities research analysts expect that CARGO Therapeutics will post -3.73 earnings per share for the current year.

Insider Activity at CARGO Therapeutics

In other news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.03, for a total transaction of $74,464.25. Following 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 trade represents a 2.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Anup Radhakrishnan sold 1,600 shares of the company’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 of the company’s stock, valued at $162,954.88. This represents a 19.89 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On CARGO Therapeutics

Several hedge funds have recently added to or reduced their stakes in CRGX. BNP Paribas Financial Markets grew its position in shares of CARGO Therapeutics by 437.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after buying an additional 9,311 shares during the last quarter. SG Americas Securities LLC bought a new position in CARGO Therapeutics during the 3rd quarter worth approximately $234,000. American International Group Inc. acquired a new position in shares of CARGO Therapeutics in the 1st quarter worth approximately $237,000. California State Teachers Retirement System bought a new stake in shares of CARGO Therapeutics in the 1st quarter valued at $337,000. Finally, MetLife Investment Management LLC increased its position in shares of CARGO Therapeutics by 59.3% during the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after buying an additional 7,380 shares during the period. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.