CARGO Therapeutics (NASDAQ:CRGX) Trading Up 6.7% – Here’s What Happened

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 traded hands during trading, a decline of 41% from the average session volume of 242,721 shares. The stock had previously closed at $12.72.

Wall Street Analyst Weigh In

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

CARGO Therapeutics Stock Down 2.7 %

The company has a fifty day moving average price of $14.92 and a 200-day moving average price of $17.49. The stock has a market capitalization of $619.56 million, a P/E ratio of -3.16 and a beta of 2.50.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. abrdn plc purchased a new position in shares of CARGO Therapeutics in the 4th quarter worth approximately $593,000. China Universal Asset Management Co. Ltd. bought a new position in CARGO Therapeutics during the fourth quarter valued at $141,000. Brooklyn Investment Group purchased a new stake in shares of CARGO Therapeutics in the fourth quarter valued at $27,000. JPMorgan Chase & Co. lifted its holdings in shares of CARGO Therapeutics by 74.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after acquiring an additional 6,426 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of CARGO Therapeutics by 226.7% during the 3rd 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 period. 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.