CARGO Therapeutics (NASDAQ:CRGX) Shares Up 10% – Still a Buy?

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s stock price was up 10% during mid-day trading on Wednesday . The company traded as high as $12.35 and last traded at $12.30. Approximately 159,413 shares were traded during mid-day trading, a decline of 36% from the average daily volume of 248,607 shares. The stock had previously closed at $11.18.

Analyst Upgrades and Downgrades

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

CARGO Therapeutics Stock Performance

The stock has a fifty day moving average price of $15.72 and a 200-day moving average price of $17.61. The firm has a market cap of $570.31 million, a PE ratio of -2.91 and a beta of 2.50.

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

Institutional Trading of CARGO Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Brooklyn Investment Group acquired a new position in shares of CARGO Therapeutics during the fourth quarter worth about $27,000. BNP Paribas Financial Markets raised its holdings 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 period. SG Americas Securities LLC acquired a new position in CARGO Therapeutics during the 3rd quarter worth approximately $234,000. JPMorgan Chase & Co. boosted its holdings in 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 acquiring an additional 6,426 shares during the period. Finally, MetLife Investment Management LLC grew its position in 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 in the last quarter. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.