CARGO Therapeutics (NASDAQ:CRGX) Stock Price Up 7.4% - Should You Buy?

CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report)'s stock price was up 7.4% during trading on Tuesday . The stock traded as high as $15.10 and last traded at $15.01. Approximately 65,802 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 197,491 shares. The stock had previously closed at $13.98.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRGX. 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 reiterated a "buy" rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research note on Friday, November 15th. Finally, Chardan Capital restated a "buy" rating and set a $28.00 price target on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $31.80.

CARGO Therapeutics Stock Up 5.8 %

The company has a market cap of $680.75 million, a P/E ratio of -3.47 and a beta of 2.50. The business has a 50-day moving average price of $17.00 and a two-hundred day moving average price of $17.77.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.14) by $0.26. As a group, sell-side analysts expect that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Hedge Funds Weigh In On CARGO Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of CARGO Therapeutics by 74.9% in the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company's stock worth $277,000 after acquiring an additional 6,426 shares in the last quarter. Barclays PLC raised its holdings in 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 buying an additional 39,102 shares during the period. Geode Capital Management LLC lifted its stake in CARGO Therapeutics by 80.6% in the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company's stock valued at $15,469,000 after buying an additional 374,018 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of CARGO Therapeutics by 4.1% in the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company's stock valued at $37,688,000 after buying an additional 79,782 shares during the period. Finally, Sphera Funds Management LTD. raised its holdings in shares of CARGO Therapeutics by 22.5% during the third quarter. Sphera Funds Management LTD. now owns 190,506 shares of the company's stock worth $3,515,000 after acquiring an additional 35,000 shares during the period. Institutional investors and hedge funds 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.