CARGO Therapeutics, Inc. (NASDAQ:CRGX) Given Average Rating of “Buy” by Brokerages

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has earned an average rating of “Buy” from the six brokerages that are presently covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $31.80.

CRGX has been the topic of several analyst reports. William Blair initiated coverage on CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating on the stock. Chardan Capital restated a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Finally, HC Wainwright reissued a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research report on Friday, November 15th.

Hedge Funds Weigh In On CARGO Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of CARGO Therapeutics by 87.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company’s stock worth $5,460,000 after buying an additional 138,261 shares during the period. Geode Capital Management LLC boosted its stake in CARGO Therapeutics by 80.6% in the 3rd quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock valued at $15,469,000 after purchasing an additional 374,018 shares during the period. Barclays PLC grew 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 buying an additional 39,102 shares in the last quarter. MetLife Investment Management LLC increased its position in CARGO Therapeutics by 59.3% during the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after buying an additional 7,380 shares during the period. Finally, State Street Corp boosted its position in shares of CARGO Therapeutics by 11.7% in the third quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after acquiring an additional 88,000 shares during the period. 93.16% of the stock is owned by institutional investors.

CARGO Therapeutics Stock Performance

NASDAQ CRGX opened at $13.84 on Friday. CARGO Therapeutics has a 52 week low of $10.91 and a 52 week high of $33.92. The stock’s 50 day moving average price is $15.04 and its two-hundred day moving average price is $17.54. The stock has a market capitalization of $637.03 million, a price-to-earnings ratio of -3.25 and a beta of 2.50.

CARGO Therapeutics (NASDAQ:CRGX) last released its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. On average, equities research analysts forecast that CARGO Therapeutics will post -3.73 EPS for the current year.

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.