CARGO Therapeutics (NASDAQ:CRGX) Research Coverage Started at Chardan Capital

Chardan Capital began coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a research note issued to investors on Monday, Marketbeat reports. The firm issued a buy rating and a $28.00 price objective on the stock.

Several other research analysts have also issued reports on the company. Piper Sandler initiated coverage on CARGO Therapeutics in a research note on Thursday, June 27th. They set an overweight rating and a $37.00 price objective for the company. Truist Financial reiterated a buy rating and set a $32.00 price objective (down from $34.00) on shares of CARGO Therapeutics in a research note on Thursday, May 16th. Finally, Jefferies Financial Group increased their price objective on CARGO Therapeutics from $28.00 to $32.00 and gave the stock a buy rating in a research note on Friday, March 22nd. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CARGO Therapeutics currently has an average rating of Buy and a consensus price target of $30.40.

CARGO Therapeutics Stock Performance

Shares of NASDAQ CRGX opened at $16.60 on Monday. The business has a fifty day simple moving average of $17.98 and a 200 day simple moving average of $21.10. CARGO Therapeutics has a one year low of $13.14 and a one year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last issued its earnings results on Tuesday, May 14th. The company reported ($0.87) EPS for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.18. Analysts predict that CARGO Therapeutics will post -4.54 earnings per share for the current year.

Insider Activity

In other CARGO Therapeutics news, major shareholder Samsara Biocapital Gp, Llc bought 294,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was bought at an average cost of $17.00 per share, for a total transaction of $4,998,000.00. Following the completion of the purchase, the insider now owns 4,415,689 shares in the company, valued at approximately $75,066,713. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.38% of the stock is currently owned by corporate insiders.

Institutional Trading of CARGO Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. acquired a new stake in CARGO Therapeutics in the fourth quarter worth about $13,333,000. Perceptive Advisors LLC acquired a new stake in CARGO Therapeutics in the fourth quarter worth about $79,557,000. Wellington Management Group LLP acquired a new stake in CARGO Therapeutics in the fourth quarter worth about $39,009,000. RTW Investments LP acquired a new stake in CARGO Therapeutics in the fourth quarter worth about $119,821,000. Finally, California State Teachers Retirement System acquired a new stake in CARGO Therapeutics in the first quarter worth about $337,000. 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.