CARGO Therapeutics (NASDAQ:CRGX) Shares Up 6.7% – What’s Next?

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s stock price shot up 6.7% during mid-day trading on Thursday . The stock traded as high as $13.62 and last traded at $13.58. 143,764 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 242,721 shares. The stock had previously closed at $12.72.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Chardan Capital reaffirmed a “buy” rating and set 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 on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, CARGO Therapeutics currently has an average rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Stock Performance

The firm’s 50 day moving average is $14.92 and its 200 day moving average is $17.49. The stock has a market cap of $619.56 million, a P/E ratio of -3.16 and a beta of 2.50.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly 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. As a group, analysts expect that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Institutional Investors Weigh In On CARGO Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC raised its position in shares of CARGO Therapeutics by 1.1% in the 3rd quarter. FMR LLC now owns 6,954,476 shares of the company’s stock valued at $128,310,000 after purchasing an additional 77,508 shares during the last quarter. RTW Investments LP raised its holdings in shares of CARGO Therapeutics by 0.5% in the third quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock worth $75,626,000 after buying an additional 20,833 shares during the last quarter. Perceptive Advisors LLC lifted its stake in shares of CARGO Therapeutics by 6.8% during the second quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after buying an additional 235,000 shares during the period. Janus Henderson Group PLC grew its holdings in shares of CARGO Therapeutics by 1.8% during the third quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock valued at $49,335,000 after buying an additional 46,659 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of CARGO Therapeutics by 4.1% in the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock valued at $37,688,000 after purchasing an additional 79,782 shares during the period. 93.16% of the stock is currently owned by hedge funds and other 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.