CARGO Therapeutics (NASDAQ:CRGX) Shares Up 7.4% – Still a Buy?

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s stock price rose 7.4% during mid-day trading on Tuesday . The stock traded as high as $15.10 and last traded at $15.01. Approximately 65,802 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 197,491 shares. The stock had previously closed at $13.98.

Analysts Set New Price Targets

A number of research firms have recently commented on CRGX. Chardan Capital reissued a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. William Blair initiated coverage on CARGO Therapeutics in a research note on Tuesday, November 26th. They set an “outperform” rating for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CARGO Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Trading Up 5.0 %

The stock’s 50-day moving average price is $17.00 and its 200-day moving average price is $17.77. The company has a market capitalization of $675.69 million, a P/E ratio of -3.45 and a beta of 2.50.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.14) by $0.26. Sell-side analysts expect that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CARGO Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in shares of CARGO Therapeutics by 74.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after buying an additional 6,426 shares in the last quarter. Barclays PLC lifted its stake in CARGO Therapeutics by 226.7% during the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock valued at $1,039,000 after purchasing an additional 39,102 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of CARGO Therapeutics by 80.6% during the 3rd quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after acquiring an additional 374,018 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of CARGO Therapeutics by 4.1% in the 3rd quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock worth $37,688,000 after acquiring an additional 79,782 shares during the last quarter. Finally, Sphera Funds Management LTD. lifted its holdings in shares of CARGO Therapeutics by 22.5% during the third quarter. Sphera Funds Management LTD. now owns 190,506 shares of the company’s stock valued at $3,515,000 after purchasing an additional 35,000 shares during the last quarter. 93.16% of the stock is currently 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.