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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares were 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 changed hands during trading, a decline of 71% from the average daily volume of 258,436 shares. The stock had previously closed at $13.76.

Analysts Set New Price Targets

CRGX has been the topic of several research analyst reports. 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. Chardan Capital reaffirmed a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Finally, William Blair began coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They issued an “outperform” rating for the company. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $31.80.

CARGO Therapeutics Trading Up 4.8 %

The firm has a 50 day moving average of $17.65 and a two-hundred day moving average of $17.81. The company has a market cap of $663.72 million and a PE ratio of -3.38.

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its stake in shares of 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 last quarter. Barclays PLC grew 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 purchasing an additional 39,102 shares during the last quarter. Geode Capital Management LLC lifted its position in CARGO Therapeutics by 80.6% during the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock valued at $15,469,000 after acquiring an additional 374,018 shares during the last quarter. Wellington Management Group LLP boosted its position 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 purchasing an additional 79,782 shares in the last quarter. Finally, Sphera Funds Management LTD. grew its stake 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 worth $3,515,000 after acquiring an additional 35,000 shares during the last quarter. 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.