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

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) shot up 6.7% during 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.

Analysts Set New Price Targets

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

CARGO Therapeutics Stock Up 8.8 %

The stock’s 50 day moving average is $15.04 and its 200-day moving average is $17.54. The company has a market cap of $637.06 million, a PE ratio of -3.25 and a beta of 2.50.

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

Institutional Trading of CARGO Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of CRGX. Charles Schwab Investment Management Inc. raised its stake in shares of CARGO Therapeutics by 87.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company’s stock valued at $5,460,000 after acquiring an additional 138,261 shares during the period. Geode Capital Management LLC raised its position in CARGO Therapeutics by 80.6% in 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 period. Barclays PLC lifted its stake in CARGO Therapeutics by 226.7% in the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after purchasing an additional 39,102 shares during the last quarter. MetLife Investment Management LLC boosted its position in shares of CARGO Therapeutics by 59.3% during the third 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 period. Finally, State Street Corp boosted its position in shares of CARGO Therapeutics by 11.7% during the third quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after buying an additional 88,000 shares during the period. Hedge funds and other institutional investors own 93.16% of the company’s stock.

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.