CARGO Therapeutics (NASDAQ:CRGX) Shares Up 10% – What’s Next?

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

Wall Street Analyst Weigh In

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

CARGO Therapeutics Trading Up 7.7 %

The company has a market capitalization of $554.18 million, a price-to-earnings ratio of -2.83 and a beta of 2.50. The firm’s 50-day moving average price is $16.10 and its 200 day moving average price is $17.69.

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

Institutional Trading of CARGO Therapeutics

Large investors have recently bought and sold shares of the business. Brooklyn Investment Group bought a new stake in CARGO Therapeutics during the 4th quarter worth $27,000. BNP Paribas Financial Markets grew its holdings in shares of CARGO Therapeutics by 437.8% during the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after purchasing an additional 9,311 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of CARGO Therapeutics in the third quarter valued at approximately $234,000. JPMorgan Chase & Co. increased its stake 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 buying an additional 6,426 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in CARGO Therapeutics by 59.3% in the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after buying an additional 7,380 shares during the last quarter. 93.16% of the stock is owned by institutional investors and hedge funds.

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.