CARGO Therapeutics (NASDAQ:CRGX) Trading 5.4% Higher – Still a Buy?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) traded up 5.4% during trading on Friday . The company traded as high as $14.53 and last traded at $14.24. 75,877 shares were traded during trading, a decline of 70% from the average session volume of 256,121 shares. The stock had previously closed at $13.51.

Analysts Set New Price Targets

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

CARGO Therapeutics Stock Up 8.7 %

The firm’s 50 day moving average is $18.62 and its two-hundred day moving average is $17.98. The stock has a market cap of $675.69 million and a price-to-earnings ratio of -3.45.

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, topping the consensus estimate of ($1.14) by $0.26. On average, analysts anticipate that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Hedge Funds Weigh In On CARGO Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets increased 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 during the period. SG Americas Securities LLC bought a new position in CARGO Therapeutics in the 3rd quarter worth about $234,000. MetLife Investment Management LLC increased 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 purchasing an additional 7,380 shares during the period. Rhumbline Advisers raised its holdings in shares of CARGO Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after buying an additional 3,765 shares during the last quarter. Finally, Barclays PLC boosted its position in shares of CARGO Therapeutics by 226.7% during the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after buying an additional 39,102 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.