CARGO Therapeutics’ (CRGX) Buy Rating Reaffirmed at HC Wainwright

CARGO Therapeutics (NASDAQ:CRGX)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a note issued to investors on Tuesday, Benzinga reports. They currently have a $33.00 price objective on the stock. HC Wainwright’s price objective would suggest a potential upside of 127.59% from the company’s current price.

Other equities research analysts also recently issued research reports about the stock. Chardan Capital began coverage on shares of CARGO Therapeutics in a research report on Monday, July 8th. They issued a “buy” rating and a $28.00 target price for the company. Truist Financial reissued a “buy” rating and issued a $32.00 price objective (down from $34.00) on shares of CARGO Therapeutics in a report on Thursday, May 16th. Finally, Piper Sandler cut their price objective on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $30.33.

CARGO Therapeutics Stock Up 3.8 %

Shares of NASDAQ CRGX opened at $14.50 on Tuesday. CARGO Therapeutics has a 1 year low of $13.14 and a 1 year high of $33.92. The stock’s 50-day simple moving average is $16.37 and its 200-day simple moving average is $20.24.

CARGO Therapeutics (NASDAQ:CRGX) last released its earnings results on Monday, August 12th. The company reported ($1.02) EPS for the quarter, beating the consensus estimate of ($1.06) by $0.04. Research 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 other news, major shareholder Samsara Biocapital Gp, Llc purchased 294,000 shares of CARGO Therapeutics stock in a transaction dated Thursday, May 30th. The stock was bought at an average price of $17.00 per share, with a total value of $4,998,000.00. Following the completion of the acquisition, the insider now owns 4,415,689 shares in the company, valued at approximately $75,066,713. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On CARGO Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. acquired a new position in CARGO Therapeutics during the 4th quarter worth $13,333,000. RTW Investments LP bought a new position in CARGO Therapeutics in the 4th quarter valued at about $119,821,000. Perceptive Advisors LLC bought a new stake in shares of CARGO Therapeutics during the 4th quarter worth about $79,557,000. Wellington Management Group LLP bought a new position in shares of CARGO Therapeutics in the fourth quarter valued at approximately $39,009,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of CARGO Therapeutics during the first quarter valued at approximately $238,000. 93.16% of the stock is owned by 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.