CARGO Therapeutics (NASDAQ:CRGX) Trading Up 7.4% – Here’s Why

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shot up 7.4% during mid-day trading on Tuesday . The stock traded as high as $15.10 and last traded at $15.01. 65,802 shares were traded during mid-day trading, a decline of 67% from the average session volume of 197,491 shares. The stock had previously closed at $13.98.

Wall Street Analyst Weigh In

CRGX has been the topic of several research reports. HC Wainwright restated a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a report on Friday, November 15th. Chardan Capital restated a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Finally, William Blair assumed coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They issued an “outperform” rating for the company. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $31.80.

CARGO Therapeutics Stock Performance

The firm has a market capitalization of $653.60 million, a price-to-earnings ratio of -3.33 and a beta of 2.50. The firm’s 50-day moving average price is $16.71 and its two-hundred day moving average price is $17.75.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings data 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. As a group, equities research analysts anticipate that CARGO Therapeutics, Inc. will post -3.73 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its holdings in shares of CARGO Therapeutics by 11.5% during the second quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after buying an additional 7,146 shares in the last quarter. Rhumbline Advisers grew its position in CARGO Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after acquiring an additional 3,765 shares during the last quarter. TD Asset Management Inc increased its holdings in CARGO Therapeutics by 78.7% during the 2nd quarter. TD Asset Management Inc now owns 289,352 shares of the company’s stock valued at $4,751,000 after purchasing an additional 127,418 shares in the last quarter. Yu Fan bought a new position in CARGO Therapeutics in the 2nd quarter valued at $14,975,000. Finally, The Manufacturers Life Insurance Company raised its position in CARGO Therapeutics by 20.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 159,019 shares of the company’s stock valued at $2,611,000 after purchasing an additional 26,808 shares during the last quarter. 93.16% of the stock is currently 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.