William Blair Initiates Coverage on CARGO Therapeutics (NASDAQ:CRGX)

Equities research analysts at William Blair started coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a note issued to investors on Tuesday, Marketbeat reports. The brokerage set an “outperform” rating on the stock.

CRGX has been the topic of a number of other reports. Chardan Capital reissued a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research report on Friday, November 15th. Finally, Piper Sandler cut their target price on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CARGO Therapeutics presently has an average rating of “Buy” and a consensus target price of $30.33.

CARGO Therapeutics Stock Up 2.6 %

Shares of CARGO Therapeutics stock opened at $17.67 on Tuesday. The business has a 50-day moving average price of $19.61 and a 200 day moving average price of $18.39. CARGO Therapeutics has a fifty-two week low of $13.56 and a fifty-two week high of $33.92. The firm has a market cap of $813.35 million and a P/E ratio of -4.15.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. As a group, equities research analysts anticipate that CARGO Therapeutics will post -3.73 earnings per share for the current year.

Insider Buying and Selling at CARGO Therapeutics

In related news, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction that occurred 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 trade represents a 19.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total value of $74,464.25. Following the sale, the chief executive officer now directly owns 103,905 shares in the company, valued at $2,600,742.15. The trade was a 2.78 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On CARGO Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its position in shares of 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 worth $69,044,000 after buying an additional 854,840 shares in the last quarter. Yu Fan acquired a new position in shares of CARGO Therapeutics during the second quarter valued at approximately $14,975,000. Cowen AND Company LLC raised its holdings in CARGO Therapeutics by 121.7% during the second quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock worth $9,102,000 after purchasing an additional 304,305 shares in the last quarter. Vanguard Group Inc. raised its holdings in CARGO Therapeutics by 179.5% during the first quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock worth $24,916,000 after purchasing an additional 716,868 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in CARGO Therapeutics by 78.7% during the 2nd quarter. TD Asset Management Inc now owns 289,352 shares of the company’s stock valued at $4,751,000 after purchasing an additional 127,418 shares in the last quarter. 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.