CARGO Therapeutics (NASDAQ:CRGX) Shares Up 5.7% – What’s Next?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shot up 5.7% on Tuesday . The company traded as high as $14.54 and last traded at $14.54. 74,893 shares traded hands during trading, a decline of 71% from the average session volume of 258,436 shares. The stock had previously closed at $13.76.

Analyst Ratings Changes

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

CARGO Therapeutics Stock Performance

The firm’s 50-day moving average is $17.65 and its 200 day moving average is $17.81. The stock has a market cap of $663.72 million and a PE ratio of -3.38.

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

Hedge Funds Weigh In On CARGO Therapeutics

Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in 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 last quarter. Barclays PLC lifted its holdings in CARGO Therapeutics by 226.7% in the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock valued at $1,039,000 after purchasing an additional 39,102 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of CARGO Therapeutics by 80.6% during the 3rd quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after purchasing an additional 374,018 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of CARGO Therapeutics by 4.1% during the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock worth $37,688,000 after buying an additional 79,782 shares in the last quarter. Finally, Sphera Funds Management LTD. raised its position in shares of CARGO Therapeutics by 22.5% in the third quarter. Sphera Funds Management LTD. now owns 190,506 shares of the company’s stock valued at $3,515,000 after buying an additional 35,000 shares during the last quarter. Hedge funds and other institutional investors 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.