CARGO Therapeutics (NASDAQ:CRGX) Shares Up 6.7% – Time to Buy?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) rose 6.7% during trading on Thursday . The company traded as high as $13.62 and last traded at $13.58. Approximately 143,764 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 242,721 shares. The stock had previously closed at $12.72.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a report on Friday, November 15th. William Blair began coverage on shares of CARGO Therapeutics in a research note on Tuesday, November 26th. They set an “outperform” rating for the company. Finally, 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. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $31.80.

CARGO Therapeutics Stock Up 8.8 %

The stock has a market capitalization of $637.06 million, a P/E ratio of -3.25 and a beta of 2.50. The stock’s 50 day moving average price is $15.04 and its 200-day moving average price is $17.54.

CARGO Therapeutics (NASDAQ:CRGX) last announced its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.14) by $0.26. Analysts anticipate that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current year.

Hedge Funds Weigh In On CARGO Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRGX. Brooklyn Investment Group acquired a new position in shares of CARGO Therapeutics during the fourth quarter worth $27,000. JPMorgan Chase & Co. increased its position in CARGO Therapeutics by 74.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after buying an additional 6,426 shares in the last quarter. Barclays PLC raised its stake in CARGO Therapeutics by 226.7% in the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock valued at $1,039,000 after buying an additional 39,102 shares during the last quarter. Geode Capital Management LLC boosted its holdings in CARGO Therapeutics by 80.6% in the third 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. Finally, Wellington Management Group LLP grew its stake in shares of CARGO Therapeutics by 4.1% during the third 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. Hedge funds and other institutional investors own 93.16% of the company’s stock.

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.