CARGO Therapeutics (NASDAQ:CRGX) Price Target Cut to $34.00

CARGO Therapeutics (NASDAQ:CRGX) had its target price decreased by analysts at Piper Sandler from $37.00 to $34.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 105.81% from the company’s current price.

Several other equities research analysts also recently issued reports on the company. Truist Financial restated a “buy” rating and set a $32.00 price objective (down from $34.00) on shares of CARGO Therapeutics in a report on Thursday, May 16th. HC Wainwright began coverage on CARGO Therapeutics in a report on Monday, July 22nd. They set a “buy” rating and a $33.00 price objective on the stock. Finally, Chardan Capital began coverage on CARGO Therapeutics in a report on Monday, July 8th. They set a “buy” rating and a $28.00 price objective on the stock. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $30.33.

CARGO Therapeutics Price Performance

Shares of NASDAQ:CRGX opened at $16.52 on Tuesday. 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 price is $16.24 and its two-hundred day moving average price is $20.16.

CARGO Therapeutics (NASDAQ:CRGX) last announced 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. Analysts expect that CARGO Therapeutics will post -4.59 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Samsara Biocapital Gp, Llc purchased 294,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was acquired at an average cost of $17.00 per share, for a total transaction of $4,998,000.00. Following the acquisition, the insider now owns 4,415,689 shares of the company’s stock, valued at $75,066,713. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.38% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Swiss National Bank acquired a new position in CARGO Therapeutics during the 1st quarter valued at approximately $636,000. Franklin Resources Inc. acquired a new position in CARGO Therapeutics during the 4th quarter valued at approximately $13,333,000. Price T Rowe Associates Inc. MD boosted its position in CARGO Therapeutics by 38.2% during 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 during the period. Perceptive Advisors LLC acquired a new position in CARGO Therapeutics during the 4th quarter valued at approximately $79,557,000. Finally, Wellington Management Group LLP acquired a new position in CARGO Therapeutics during the 4th quarter valued at approximately $39,009,000. Institutional investors and hedge funds 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.