HC Wainwright Reaffirms “Buy” Rating for CARGO Therapeutics (NASDAQ:CRGX)

HC Wainwright reissued their buy rating on shares of CARGO Therapeutics (NASDAQ:CRGX) in a report released on Friday,Benzinga reports. The firm currently has a $33.00 target price on the stock.

A number of other research firms have also recently commented on CRGX. Piper Sandler decreased their price objective on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Chardan Capital restated a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $30.33.

CARGO Therapeutics Stock Performance

CRGX opened at $16.00 on Friday. CARGO Therapeutics has a one year low of $13.56 and a one year high of $33.92. The stock has a market capitalization of $736.48 million and a PE ratio of -3.76. The business’s 50 day moving average price is $20.59 and its 200 day moving average price is $18.60.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. As a group, equities research analysts forecast that CARGO Therapeutics will post -3.93 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Gina Chapman sold 2,975 shares of the company’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 sale, the chief executive officer now owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. This represents a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anup Radhakrishnan sold 1,600 shares of the company’s stock in a transaction on 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 directly owns 6,446 shares in the company, 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 owned by insiders.

Hedge Funds Weigh In On CARGO Therapeutics

Several large investors have recently bought and sold shares of CRGX. Yu Fan purchased a new position in CARGO Therapeutics in the second quarter valued at $14,975,000. Price T Rowe Associates Inc. MD increased its holdings in CARGO Therapeutics by 38.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock valued at $69,044,000 after buying an additional 854,840 shares during the last quarter. Vanguard Group Inc. increased its holdings in CARGO Therapeutics by 179.5% in the first quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock valued at $24,916,000 after buying an additional 716,868 shares during the last quarter. Geode Capital Management LLC increased its holdings 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. Finally, Cowen AND Company LLC increased its holdings in CARGO Therapeutics by 121.7% in the second quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock valued at $9,102,000 after buying an additional 304,305 shares during the last quarter. Hedge funds and other institutional investors own 93.16% of the company’s stock.

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.