William Blair Initiates Coverage on CARGO Therapeutics (NASDAQ:CRGX)

William Blair assumed coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a research report sent to investors on Tuesday morning, Marketbeat.com reports. The brokerage issued an outperform rating on the stock.

Several other equities research analysts have also recently issued reports on CRGX. HC Wainwright reissued a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a research note on Friday, November 15th. Chardan Capital reissued a “buy” rating and set a $28.00 price objective on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Finally, Piper Sandler decreased their target price 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. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $30.33.

CARGO Therapeutics Trading Up 4.9 %

Shares of CRGX opened at $17.23 on Tuesday. CARGO Therapeutics has a 12-month low of $13.56 and a 12-month high of $33.92. The firm has a market capitalization of $793.10 million and a P/E ratio of -4.04. The firm has a 50-day moving average price of $19.74 and a 200 day moving average price of $18.40.

CARGO Therapeutics (NASDAQ:CRGX) last posted 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. Equities research analysts predict that CARGO Therapeutics will post -3.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the transaction, the chief executive officer now directly owns 103,905 shares of the company’s stock, valued at $2,600,742.15. The trade was a 2.78 % decrease in their position. The transaction 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 company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total value of $40,448.00. Following the sale, the chief financial officer now owns 6,446 shares in the company, valued at approximately $162,954.88. This trade represents a 19.89 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On CARGO Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Yu Fan purchased a new position in CARGO Therapeutics in the second quarter worth approximately $14,975,000. Price T Rowe Associates Inc. MD raised its holdings in shares of CARGO Therapeutics by 38.2% in 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. Vanguard Group Inc. lifted its position in shares of CARGO Therapeutics by 179.5% during the 1st quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock worth $24,916,000 after purchasing an additional 716,868 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of CARGO Therapeutics by 80.6% during the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after purchasing an additional 374,018 shares in the last quarter. Finally, Cowen AND Company LLC grew its stake in shares of CARGO Therapeutics by 121.7% during the second quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock worth $9,102,000 after purchasing an additional 304,305 shares in the last quarter. 93.16% of the stock is owned by institutional investors and hedge funds.

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.