CARGO Therapeutics (NASDAQ:CRGX) Trading 7.4% Higher – Here’s Why

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s stock price rose 7.4% during trading on Tuesday . The stock traded as high as $15.10 and last traded at $15.01. Approximately 65,802 shares were traded during mid-day trading, a decline of 67% from the average daily volume of 197,491 shares. The stock had previously closed at $13.98.

Analyst Upgrades and Downgrades

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

CARGO Therapeutics Trading Up 5.0 %

The business’s fifty day moving average price is $17.00 and its two-hundred day moving average price is $17.77. The firm has a market cap of $675.69 million, a P/E ratio of -3.45 and a beta of 2.50.

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, topping analysts’ consensus estimates of ($1.14) by $0.26. Research analysts predict that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Hedge Funds Weigh In On CARGO Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRGX. Rhumbline Advisers grew its stake in shares of CARGO Therapeutics by 14.0% in the 2nd 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. JPMorgan Chase & Co. grew its holdings in shares of CARGO Therapeutics by 74.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after purchasing an additional 6,426 shares during the last quarter. Bank of New York Mellon Corp lifted 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 valued at $1,136,000 after purchasing an additional 7,146 shares during the last quarter. MetLife Investment Management LLC raised 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 valued at $366,000 after acquiring an additional 7,380 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in shares of CARGO Therapeutics by 437.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after acquiring an additional 9,311 shares in the last quarter. 93.16% of the stock is currently owned by institutional investors.

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.