Jefferies Raises Price Target for Cargo Therapeutics (CRGX), Keeps Hold Rating

CARGO Therapeutics, Inc. (NASDAQ:CRGX) is one of the 11 Best New Penny Stocks to Buy Right Now. On July 8, Jefferies raised its price target for CARGO Therapeutics, Inc. (NASDAQ:CRGX) from $3.70 to $5.00 while keeping a “Hold” rating.

This decision came after the company announced that it has entered into a definitive merger agreement to be acquired by Concentra Biosciences, LLC.

Concentra Biosciences, LLC will acquire CARGO Therapeutics, Inc. (NASDAQ:CRGX) for $4.379 in cash per share.

The transaction is expected to close in August 2025. Jefferies projects that the total value for shareholders could reach up to $5 per share at closing, based on projected cash burn and potential asset sale proceeds.

CARGO Therapeutics, Inc. (NASDAQ:CRGX) is a biotechnology company focused on the development of CAR T-cell therapies for cancer patients.

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Disclosure: None. This article is originally published at Insider Monkey.