CARGO Therapeutics (NASDAQ:CRGX) Now Covered by Analysts at HC Wainwright

HC Wainwright assumed coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a report released on Monday, MarketBeat reports. The brokerage issued a buy rating and a $33.00 price target on the stock. HC Wainwright also issued estimates for CARGO Therapeutics’ Q2 2024 earnings at ($0.94) EPS, Q3 2024 earnings at ($0.91) EPS, Q4 2024 earnings at ($0.97) EPS, Q1 2025 earnings at ($1.00) EPS, Q2 2025 earnings at ($1.04) EPS, Q3 2025 earnings at ($1.05) EPS, Q4 2025 earnings at ($0.99) EPS and FY2025 earnings at ($4.08) EPS.

Several other brokerages have also recently commented on CRGX. Chardan Capital initiated coverage on CARGO Therapeutics in a research report on Monday, July 8th. They set a buy rating and a $28.00 price target for the company. Truist Financial reiterated a buy rating and set a $32.00 price target (down from $34.00) on shares of CARGO Therapeutics in a research report on Thursday, May 16th. Finally, Piper Sandler initiated coverage on CARGO Therapeutics in a research report on Thursday, June 27th. They set an overweight rating and a $37.00 price target for the company. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of Buy and an average target price of $30.83.

CARGO Therapeutics Price Performance

Shares of CRGX opened at $17.70 on Monday. CARGO Therapeutics has a 12 month low of $13.14 and a 12 month high of $33.92. The stock’s 50 day moving average is $17.37 and its two-hundred day moving average is $20.72.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings data 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, analysts forecast that CARGO Therapeutics will post -4.59 earnings per share for the current fiscal year.

Insider Buying and Selling at CARGO Therapeutics

In related news, major shareholder Samsara Biocapital Gp, Llc bought 294,000 shares of the company’s stock in a transaction on 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 acquisition, the insider now directly owns 4,415,689 shares in the company, valued at $75,066,713. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.38% of the stock is owned by company insiders.

Institutional Trading of CARGO Therapeutics

Several large investors have recently added to or reduced their stakes in CRGX. Franklin Resources Inc. purchased a new stake in CARGO Therapeutics in the 4th quarter valued at $13,333,000. RTW Investments LP acquired a new position in shares of CARGO Therapeutics in the 4th quarter valued at $119,821,000. Perceptive Advisors LLC acquired a new position in shares of CARGO Therapeutics in the 4th quarter valued at $79,557,000. Wellington Management Group LLP acquired a new position in shares of CARGO Therapeutics in the 4th quarter valued at $39,009,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of CARGO Therapeutics in the 1st quarter valued at $238,000. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

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.