CARGO Therapeutics (NASDAQ:CRGX) Trading Up 7.4% – Still a Buy?

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) shot up 7.4% during trading on Tuesday . The company traded as high as $15.10 and last traded at $15.01. 65,802 shares traded hands during trading, a decline of 67% from the average session volume of 197,491 shares. The stock had previously closed at $13.98.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CRGX shares. 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. William Blair began coverage on shares of CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research note on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $31.80.

CARGO Therapeutics Price Performance

The stock has a market cap of $653.60 million, a price-to-earnings ratio of -3.33 and a beta of 2.50. The business has a fifty day moving average of $16.71 and a 200 day moving average of $17.75.

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

Institutional Trading of CARGO Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets increased 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 acquiring an additional 9,311 shares during the last quarter. SG Americas Securities LLC acquired a new position in CARGO Therapeutics during the third quarter valued at approximately $234,000. JPMorgan Chase & Co. raised its position in shares of CARGO Therapeutics by 74.9% in the third 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 during the period. MetLife Investment Management LLC lifted 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 worth $366,000 after buying an additional 7,380 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of CARGO Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after buying an additional 3,765 shares during the period. Institutional investors and hedge funds 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.