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

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

CRGX has been the subject of several other research reports. HC Wainwright restated a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a report on Friday, November 15th. Chardan Capital restated a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Finally, Piper Sandler cut their price target on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $30.33.

CARGO Therapeutics Stock Performance

Shares of CRGX opened at $17.67 on Tuesday. CARGO Therapeutics has a 1 year low of $13.56 and a 1 year high of $33.92. The company’s 50 day simple moving average is $19.61 and its 200 day simple moving average is $18.39. The company has a market capitalization of $813.35 million and a price-to-earnings 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, topping analysts’ consensus estimates of ($1.14) by $0.26. Equities analysts expect that CARGO Therapeutics will post -3.73 EPS for the current fiscal year.

Insider Activity

In other CARGO Therapeutics news, CFO Anup Radhakrishnan sold 1,600 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the completion of the sale, the chief financial officer now owns 6,446 shares of the company’s stock, valued at $162,954.88. This trade represents a 19.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction that occurred on 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 owns 103,905 shares in the company, valued at $2,600,742.15. This represents a 2.78 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.38% of the company’s stock.

Institutional Investors Weigh In On CARGO Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in CARGO Therapeutics by 38.2% in 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 buying an additional 854,840 shares during the last quarter. Yu Fan acquired a new stake in CARGO Therapeutics during the 2nd quarter valued at approximately $14,975,000. Cowen AND Company LLC increased its holdings in CARGO Therapeutics by 121.7% during the 2nd 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 during the last quarter. Vanguard Group Inc. raised its position in shares of CARGO Therapeutics by 179.5% in the 1st quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock valued at $24,916,000 after purchasing an additional 716,868 shares in the last quarter. Finally, TD Asset Management Inc raised its position in shares of CARGO Therapeutics by 78.7% in 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. 93.16% of the stock is owned by institutional investors and hedge funds.

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.