CARGO Therapeutics (NASDAQ:CRGX) Shares Up 5.7% – What’s Next?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares rose 5.7% on Tuesday . The stock traded as high as $14.54 and last traded at $14.54. Approximately 74,893 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 258,436 shares. The stock had previously closed at $13.76.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRGX. Chardan Capital restated a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research report on Friday, November 15th. Finally, William Blair assumed coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They set an “outperform” rating on the stock. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, CARGO Therapeutics currently has an average rating of “Buy” and a consensus target price of $31.80.

CARGO Therapeutics Trading Up 1.9 %

The firm has a market capitalization of $676.15 million and a price-to-earnings ratio of -3.45. The business has a 50-day moving average price of $17.39 and a two-hundred day moving average price of $17.77.

CARGO Therapeutics (NASDAQ:CRGX) last issued 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. On average, equities research analysts predict that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CARGO Therapeutics

Several large investors have recently made changes to their positions in CRGX. BNP Paribas Financial Markets boosted its position in shares of CARGO Therapeutics by 437.8% during the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after buying an additional 9,311 shares during the period. SG Americas Securities LLC bought a new stake in CARGO Therapeutics during the 3rd quarter valued at $234,000. JPMorgan Chase & Co. boosted 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 worth $277,000 after acquiring an additional 6,426 shares during the period. MetLife Investment Management LLC grew its stake in shares of CARGO Therapeutics by 59.3% in the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after purchasing an additional 7,380 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of CARGO Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after purchasing an additional 3,765 shares during the period. Institutional investors and hedge funds own 93.16% of the company’s stock.

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.