CARGO Therapeutics (NASDAQ:CRGX) Price Target Lowered to $34.00 at Piper Sandler

CARGO Therapeutics (NASDAQ:CRGX) had its price objective lowered by Piper Sandler from $37.00 to $34.00 in a research report report published on Tuesday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

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

CARGO Therapeutics Stock Down 0.7 %

Shares of NASDAQ:CRGX opened at $16.40 on Tuesday. CARGO Therapeutics has a 1 year low of $13.14 and a 1 year high of $33.92. The stock’s fifty day moving average price is $16.21 and its 200-day moving average price is $20.14.

CARGO Therapeutics (NASDAQ:CRGX) last posted its earnings results on Tuesday, May 14th. The company reported ($0.87) earnings per share (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 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Samsara Biocapital Gp, Llc purchased 294,000 shares of the stock in a transaction on Thursday, May 30th. The shares were acquired 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 directly owns 4,415,689 shares of the company’s stock, valued at $75,066,713. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.38% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRGX. Ameritas Investment Partners Inc. purchased a new stake in shares of CARGO Therapeutics during the first quarter worth about $48,000. American International Group Inc. purchased a new stake in CARGO Therapeutics during the 1st quarter valued at approximately $237,000. BNP Paribas Financial Markets purchased a new position in shares of CARGO Therapeutics in the first quarter worth $238,000. California State Teachers Retirement System purchased a new position in shares of CARGO Therapeutics in the first quarter worth $337,000. Finally, Swiss National Bank bought a new position in shares of CARGO Therapeutics during the first quarter worth $636,000. Hedge funds and other institutional investors own 93.16% of the company’s stock.

About CARGO Therapeutics

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.