CARGO Therapeutics, Inc. (NASDAQ:CRGX) Receives $31.80 Consensus Target Price from Analysts

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has been assigned an average recommendation of “Buy” from the six analysts that are covering the stock, Marketbeat Ratings reports. Six investment analysts have rated the stock with a buy rating. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $31.80.

Several research firms recently commented on CRGX. Piper Sandler dropped 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. William Blair assumed coverage on CARGO Therapeutics in a report on Tuesday, November 26th. They issued an “outperform” rating for the company. Chardan Capital restated a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a research report on Friday, November 15th.

Insider Buying and Selling at CARGO Therapeutics

In other news, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction of $74,464.25. Following the transaction, the chief executive officer now owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. The trade was a 2.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 sale, the chief financial officer now owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. The trade was a 19.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is owned by insiders.

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRGX. Barclays PLC grew its holdings in shares of CARGO Therapeutics by 226.7% during the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after purchasing an additional 39,102 shares during the period. Geode Capital Management LLC lifted its position in CARGO Therapeutics by 80.6% in the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock valued at $15,469,000 after buying an additional 374,018 shares during the last quarter. Wellington Management Group LLP boosted its stake in CARGO Therapeutics by 4.1% during the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock worth $37,688,000 after buying an additional 79,782 shares during the period. Sphera Funds Management LTD. increased its position in shares of CARGO Therapeutics by 22.5% during the third quarter. Sphera Funds Management LTD. now owns 190,506 shares of the company’s stock valued at $3,515,000 after acquiring an additional 35,000 shares during the last quarter. Finally, State Street Corp raised its stake in shares of CARGO Therapeutics by 11.7% in the 3rd quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after acquiring an additional 88,000 shares during the period. Hedge funds and other institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Price Performance

NASDAQ CRGX opened at $18.47 on Thursday. CARGO Therapeutics has a 1 year low of $13.56 and a 1 year high of $33.92. The company has a market capitalization of $850.17 million and a PE ratio of -4.34. The company has a fifty day moving average of $19.25 and a 200 day moving average of $18.27.

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

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.