Piper Sandler Begins Coverage on CARGO Therapeutics (NASDAQ:CRGX)

Piper Sandler initiated coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a report released on Thursday morning, MarketBeat.com reports. The firm issued an overweight rating and a $37.00 target price on the stock.

Other equities analysts have also issued research reports about the stock. Jefferies Financial Group increased their target price on shares of CARGO Therapeutics from $28.00 to $32.00 and gave the company a buy rating in a report on Friday, March 22nd. Truist Financial reissued a buy rating and issued a $32.00 price target (down previously from $34.00) on shares of CARGO Therapeutics in a report on Thursday, May 16th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of Buy and a consensus price target of $31.00.

CARGO Therapeutics Stock Performance

CARGO Therapeutics stock opened at $16.42 on Thursday. CARGO Therapeutics has a fifty-two week low of $13.14 and a fifty-two week high of $33.92. The firm’s fifty day moving average price is $18.49 and its 200-day moving average price is $21.31.

CARGO Therapeutics (NASDAQ:CRGX) last released its earnings results on Tuesday, May 14th. The company reported ($0.87) EPS for the quarter, beating the consensus estimate of ($1.05) by $0.18. On average, equities analysts forecast that CARGO Therapeutics will post -4.54 earnings per share for the current year.

Insider Activity

In related news, major shareholder Samsara Biocapital Gp, Llc bought 294,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were purchased at an average price of $17.00 per share, with a total value of $4,998,000.00. Following the purchase, the insider now owns 4,415,689 shares of the company’s stock, valued at approximately $75,066,713. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.38% of the company’s stock.

Institutional Investors Weigh In On CARGO Therapeutics

Large investors have recently modified their holdings of the stock. Franklin Resources Inc. purchased a new position in CARGO Therapeutics during the 4th quarter valued at about $13,333,000. Perceptive Advisors LLC purchased a new position in CARGO Therapeutics during the 4th quarter valued at about $79,557,000. Wellington Management Group LLP purchased a new position in CARGO Therapeutics during the 4th quarter valued at about $39,009,000. RTW Investments LP purchased a new position in CARGO Therapeutics during the 4th quarter valued at about $119,821,000. Finally, California State Teachers Retirement System purchased a new position in CARGO Therapeutics during the 1st quarter valued at about $337,000. Institutional investors own 93.16% of the company’s stock.

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.