CARGO Therapeutics, Inc. (NASDAQ:CRGX) Given Average Rating of “Buy” by Analysts

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has received a consensus recommendation of “Buy” from the six research firms that are currently covering the stock, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy rating. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $31.80.

Several research analysts recently weighed in on CRGX shares. HC Wainwright reissued a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research note on Friday, November 15th. Chardan Capital reissued a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Finally, William Blair initiated coverage on shares of CARGO Therapeutics in a research report on Tuesday, November 26th. They set an “outperform” rating on the stock.

CARGO Therapeutics Price Performance

CRGX stock opened at $15.12 on Monday. The company’s 50 day simple moving average is $17.16 and its 200-day simple moving average is $17.75. CARGO Therapeutics has a 12 month low of $12.17 and a 12 month high of $33.92. The firm has a market capitalization of $695.94 million and a PE ratio of -3.55.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($1.14) by $0.26. As a group, sell-side analysts anticipate that CARGO Therapeutics will post -3.73 earnings per share for the current year.

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets boosted its holdings in shares of CARGO Therapeutics by 437.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after purchasing an additional 9,311 shares during the last quarter. SG Americas Securities LLC acquired a new position in CARGO Therapeutics in the third quarter valued at $234,000. JPMorgan Chase & Co. grew its position in CARGO Therapeutics by 74.9% during the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after acquiring an additional 6,426 shares during the period. MetLife Investment Management LLC increased its stake in CARGO Therapeutics by 59.3% during the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after acquiring an additional 7,380 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of CARGO Therapeutics by 14.0% in the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after purchasing an additional 3,765 shares during the period. 93.16% of the stock is currently owned by hedge funds and other 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.