Equities Analysts Offer Predictions for CRGX FY2024 Earnings

CARGO Therapeutics, Inc. (NASDAQ:CRGX) – William Blair issued their FY2024 earnings per share (EPS) estimates for shares of CARGO Therapeutics in a report released on Tuesday, November 26th. William Blair analyst S. Corwin anticipates that the company will post earnings of ($3.74) per share for the year. William Blair has a “Outperform” rating on the stock. The consensus estimate for CARGO Therapeutics’ current full-year earnings is ($3.73) per share. William Blair also issued estimates for CARGO Therapeutics’ Q4 2024 earnings at ($0.97) EPS, FY2025 earnings at ($3.57) EPS, FY2026 earnings at ($3.34) EPS and FY2027 earnings at ($1.39) EPS.

A number of other equities analysts have also commented on CRGX. Piper Sandler reduced their target price on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Chardan Capital reissued a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a report on Friday, November 15th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $30.33.

CARGO Therapeutics Price Performance

CRGX stock opened at $17.67 on Thursday. CARGO Therapeutics has a 12 month low of $13.56 and a 12 month high of $33.92. The firm’s 50-day moving average is $19.61 and its 200 day moving average is $18.39. The company has a market capitalization of $813.35 million and a PE ratio of -4.15.

CARGO Therapeutics (NASDAQ:CRGX) last released its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($1.14) by $0.26.

Insider Buying and Selling at CARGO Therapeutics

In other news, CEO Gina Chapman sold 2,975 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $25.03, for a total value of $74,464.25. Following the completion of the sale, the chief executive officer now owns 103,905 shares of the company’s stock, valued at $2,600,742.15. This trade represents a 2.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Anup Radhakrishnan sold 1,600 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total value of $40,448.00. Following the transaction, the chief financial officer now owns 6,446 shares in the company, valued at approximately $162,954.88. This trade represents a 19.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is owned by insiders.

Institutional Investors Weigh In On CARGO Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of CARGO Therapeutics by 179.5% during 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. American International Group Inc. purchased a new stake in CARGO Therapeutics during the 1st quarter worth approximately $237,000. Price T Rowe Associates Inc. MD raised its holdings 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 worth $69,044,000 after buying an additional 854,840 shares during the last quarter. California State Teachers Retirement System acquired a new stake in shares of CARGO Therapeutics during the first quarter worth $337,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of CARGO Therapeutics by 11.5% during the second quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after buying an additional 7,146 shares during the period. 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.