CARGO Therapeutics (NASDAQ:CRGX) Shares Up 5.4% – Here’s Why

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shot up 5.4% during mid-day trading on Friday . The stock traded as high as $14.53 and last traded at $14.24. 75,877 shares were traded during mid-day trading, a decline of 70% from the average session volume of 256,121 shares. The stock had previously closed at $13.51.

Wall Street Analyst Weigh In

CRGX has been the topic of a number of research analyst reports. William Blair began coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They set an “outperform” rating on the stock. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of CARGO Therapeutics in a research report on Friday, November 15th. Finally, Chardan Capital reissued a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Trading Up 10.3 %

The company has a 50 day simple moving average of $18.52 and a 200 day simple moving average of $17.94. The stock has a market capitalization of $685.82 million and a PE ratio of -3.50.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly 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 EPS for the current year.

Institutional Trading of CARGO Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Yu Fan acquired a new stake in CARGO Therapeutics in the second quarter valued at about $14,975,000. Geode Capital Management LLC raised 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 buying an additional 374,018 shares in the last quarter. Cowen AND Company LLC lifted its holdings in shares of CARGO Therapeutics by 121.7% in the 2nd quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock valued at $9,102,000 after buying an additional 304,305 shares during the period. Novo Holdings A S boosted its stake in shares of CARGO Therapeutics by 23.5% in the second quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock valued at $25,352,000 after buying an additional 294,000 shares in the last quarter. Finally, Perceptive Advisors LLC grew its holdings in CARGO Therapeutics by 6.8% during the second quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after acquiring an additional 235,000 shares during the period. Hedge funds and other institutional investors 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.