CARGO Therapeutics (NASDAQ:CRGX) Trading 5.7% Higher - Should You Buy?

CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report) rose 5.7% during mid-day trading on Tuesday . The stock traded as high as $14.54 and last traded at $14.54. Approximately 74,893 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 258,436 shares. The stock had previously closed at $13.76.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. HC Wainwright reissued a "buy" rating and set a $33.00 price target on shares of CARGO Therapeutics in a research report on Friday, November 15th. Chardan Capital reiterated a "buy" rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Finally, William Blair began coverage on CARGO Therapeutics in a research note on Tuesday, November 26th. They issued an "outperform" rating on the stock. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, CARGO Therapeutics presently has a consensus rating of "Buy" and an average target price of $31.80.

CARGO Therapeutics Stock Up 4.8 %

The company's 50-day moving average is $17.65 and its two-hundred day moving average is $17.81. The company has a market cap of $663.72 million and a P/E ratio of -3.38.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last released its earnings results 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. On average, analysts anticipate 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 bought and sold shares of the company. Yu Fan purchased a new position in shares of CARGO Therapeutics during the 2nd quarter valued at $14,975,000. Geode Capital Management LLC boosted its position in CARGO Therapeutics by 80.6% during the third 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. Cowen AND Company LLC increased its stake in shares of CARGO Therapeutics by 121.7% in the second quarter. Cowen AND Company LLC now owns 554,305 shares of the company's stock worth $9,102,000 after purchasing an additional 304,305 shares in the last quarter. Novo Holdings A S raised its position in shares of CARGO Therapeutics by 23.5% in the second quarter. Novo Holdings A S now owns 1,544,000 shares of the company's stock valued at $25,352,000 after purchasing an additional 294,000 shares during the period. Finally, Perceptive Advisors LLC lifted its stake in shares of CARGO Therapeutics by 6.8% during the 2nd quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company's stock valued at $60,475,000 after buying an additional 235,000 shares in the last quarter. 93.16% of the stock is owned by institutional investors.

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.