CARGO Therapeutics (NASDAQ:CRGX) Trading Up 5.4% - Here's Why

CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report) shot up 5.4% on Friday . The company traded as high as $14.53 and last traded at $14.24. 75,877 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 256,121 shares. The stock had previously closed at $13.51.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CRGX shares. Chardan Capital reissued a "buy" rating and set a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. William Blair initiated coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They issued an "outperform" rating on the stock. Finally, HC Wainwright restated a "buy" rating and set a $33.00 target price on shares of CARGO Therapeutics in a research report on Friday, November 15th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, CARGO Therapeutics currently has an average rating of "Buy" and a consensus price target of $31.80.

CARGO Therapeutics Trading Up 10.3 %

The business's fifty day simple moving average is $18.62 and its 200 day simple moving average is $17.98. The stock has a market cap of $685.82 million and a price-to-earnings ratio of -3.50.

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

Institutional Investors Weigh In On CARGO Therapeutics

Large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in CARGO Therapeutics by 11.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company's stock worth $1,136,000 after purchasing an additional 7,146 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of CARGO Therapeutics by 14.0% in the second quarter. Rhumbline Advisers now owns 30,639 shares of the company's stock valued at $503,000 after buying an additional 3,765 shares during the period. TD Asset Management Inc increased its position in shares of CARGO Therapeutics by 78.7% during the second quarter. TD Asset Management Inc now owns 289,352 shares of the company's stock worth $4,751,000 after acquiring an additional 127,418 shares in the last quarter. Cowen AND Company LLC raised its holdings in shares of CARGO Therapeutics by 121.7% during the second quarter. Cowen AND Company LLC now owns 554,305 shares of the company's stock worth $9,102,000 after acquiring an additional 304,305 shares during the period. Finally, Yu Fan bought a new stake in CARGO Therapeutics in the 2nd quarter valued at $14,975,000. 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.