CARGO Therapeutics (NASDAQ:CRGX) Receives New Coverage from Analysts at Piper Sandler

Piper Sandler assumed coverage on shares of CARGO Therapeutics (NASDAQ:CRGX) in a research note issued to investors on Thursday morning, MarketBeat.com reports. The brokerage issued an overweight rating and a $37.00 price objective on the stock.

Several other analysts have also commented on the company. Jefferies Financial Group lifted their price objective on CARGO Therapeutics from $28.00 to $32.00 and gave the stock a buy rating in a report on Friday, March 22nd. Truist Financial reiterated a buy rating and set a $32.00 target price (down from $34.00) on shares of CARGO Therapeutics in a research report on Thursday, May 16th. Five analysts have rated the stock with a buy rating, According to MarketBeat, CARGO Therapeutics presently has a consensus rating of Buy and an average target price of $31.00.

CARGO Therapeutics Stock Up 7.1 %

Shares of CRGX opened at $15.64 on Thursday. CARGO Therapeutics has a one year low of $13.14 and a one year high of $33.92. The business has a fifty day moving average of $18.55 and a 200 day moving average of $21.22.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings data on Tuesday, May 14th. The company reported ($0.87) EPS for the quarter, topping the consensus estimate of ($1.05) by $0.18. On average, research analysts predict that CARGO Therapeutics will post -4.82 EPS for the current year.

Insider Activity at CARGO Therapeutics

In related news, major shareholder Samsara Biocapital Gp, Llc bought 294,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were bought at an average cost of $17.00 per share, for a total transaction of $4,998,000.00. Following the completion of the transaction, the insider now owns 4,415,689 shares of the company’s stock, valued at $75,066,713. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On CARGO Therapeutics

Several large investors have recently made changes to their positions in CRGX. RTW Investments LP purchased a new position in shares of CARGO Therapeutics in the fourth quarter valued at about $119,821,000. Perceptive Advisors LLC purchased a new position in shares of CARGO Therapeutics in the fourth quarter valued at about $79,557,000. Wellington Management Group LLP purchased a new position in shares of CARGO Therapeutics in the fourth quarter valued at about $39,009,000. Price T Rowe Associates Inc. MD lifted its position in shares of CARGO Therapeutics by 38.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock valued at $69,044,000 after acquiring an additional 854,840 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of CARGO Therapeutics by 179.5% in the first quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock valued at $24,916,000 after acquiring an additional 716,868 shares in the last quarter. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

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.