CARGO Therapeutics (NASDAQ:CRGX) Trading Up 5.7% – Here’s Why

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRGX. HC Wainwright reissued a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research report on Friday, November 15th. William Blair started 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 reaffirmed a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $31.80.

CARGO Therapeutics Trading Up 1.9 %

The stock has a market capitalization of $676.15 million and a PE ratio of -3.45. The business’s 50-day moving average is $17.39 and its two-hundred day moving average is $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, analysts predict that CARGO Therapeutics, Inc. will post -3.73 EPS for the current year.

Institutional Investors Weigh In On CARGO Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its position in shares of CARGO Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after acquiring an additional 3,765 shares during the last quarter. JPMorgan Chase & Co. grew its stake 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 purchasing an additional 6,426 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in CARGO Therapeutics by 11.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after purchasing an additional 7,146 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of CARGO Therapeutics by 59.3% in the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after purchasing an additional 7,380 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after buying an additional 9,311 shares during the last quarter. 93.16% of the stock is 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.