CARGO Therapeutics (NASDAQ:CRGX) Trading 5.4% Higher – Should You Buy?

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

Analyst Ratings Changes

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

CARGO Therapeutics Stock Performance

The stock has a market capitalization of $685.82 million and a PE ratio of -3.50. The firm’s 50 day moving average is $18.52 and its two-hundred day moving average is $17.94.

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

Hedge Funds Weigh In On CARGO Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC raised its holdings in CARGO Therapeutics by 1.1% in the third quarter. FMR LLC now owns 6,954,476 shares of the company’s stock valued at $128,310,000 after acquiring an additional 77,508 shares in the last quarter. RTW Investments LP increased its position in shares of CARGO Therapeutics by 0.5% in the 3rd quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock valued at $75,626,000 after purchasing an additional 20,833 shares during the last quarter. Perceptive Advisors LLC raised its holdings in shares of CARGO Therapeutics by 6.8% in the 2nd quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock valued at $60,475,000 after purchasing an additional 235,000 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of CARGO Therapeutics by 1.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock worth $49,335,000 after purchasing an additional 46,659 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake 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 purchasing an additional 79,782 shares in 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.