Chardan Capital Reiterates “Buy” Rating for CARGO Therapeutics (NASDAQ:CRGX)

Chardan Capital reissued their buy rating on shares of CARGO Therapeutics (NASDAQ:CRGX) in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has a $28.00 price objective on the stock.

A number of other analysts have also recently weighed in on the company. Piper Sandler dropped their price target on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $30.33.

CARGO Therapeutics Price Performance

CRGX stock opened at $16.00 on Wednesday. The firm has a market cap of $736.45 million and a price-to-earnings ratio of -3.76. CARGO Therapeutics has a 1-year low of $13.56 and a 1-year high of $33.92. The firm has a fifty day moving average price of $20.59 and a two-hundred day moving average price of $18.60.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings data 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, analysts expect that CARGO Therapeutics will post -4.37 EPS for the current fiscal year.

Insider Activity at CARGO Therapeutics

In related news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anup Radhakrishnan sold 1,600 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total transaction of $40,448.00. Following the completion of the transaction, the chief financial officer now owns 6,446 shares of the company’s stock, valued at $162,954.88. This represents a 19.89 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is owned by insiders.

Institutional Trading of CARGO Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. acquired a new position in shares of CARGO Therapeutics during the first quarter valued at approximately $48,000. BNP Paribas Financial Markets boosted its stake in CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after purchasing an additional 9,311 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of CARGO Therapeutics during the 3rd quarter valued at $234,000. American International Group Inc. acquired a new position in shares of CARGO Therapeutics during the 1st quarter valued at $237,000. Finally, California State Teachers Retirement System bought a new stake in shares of CARGO Therapeutics in the 1st quarter worth $337,000. 93.16% of the stock is currently 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.