CARGO Therapeutics (NASDAQ:CRGX) Stock Price Up 5.7% - Should You Buy?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw its shares increase by 5.7% during trading on Tuesday. The stock hit a high of $14.54 and closed at this same price. In total, approximately 74,893 shares were traded, which is a significant drop of 71% compared to the daily average volume of 258,436 shares. The previous close for the stock was $13.76.

Analysts Set New Price Targets

CRGX has been under review by various research analysts lately. Notably, HC Wainwright reiterated a "buy" rating with a price target of $33 for CARGO Therapeutics on November 15. Similarly, Chardan Capital also maintained a "buy" rating with a target price of $28 on November 13. Additionally, William Blair initiated coverage on CARGO Therapeutics on November 26 with an "outperform" rating. Overall, six research analysts have given the stock a "buy" rating. According to MarketBeat.com, the consensus rating for CRGX is "Buy" with an average price target of $31.80.

CARGO Therapeutics Performance

The company's 50-day moving average stands at $17.65, while its 200-day moving average is at $17.81. CARGO Therapeutics has a market capitalization of $663.72 million and a price-to-earnings ratio of -3.38.

The latest quarterly earnings results for CARGO Therapeutics were announced on November 12. The company reported earnings per share (EPS) of ($0.88), which was better than the analysts' consensus estimate of ($1.14) by $0.26. Forecasts indicate that CARGO Therapeutics will have an EPS of -3.73 for the current year.

Institutional Activity

In recent times, many institutional investors have adjusted their holdings in CARGO Therapeutics. For instance, JPMorgan Chase & Co. increased its stake by 74.9% during the third quarter, now owning 15,007 shares valued at $277,000 after acquiring 6,426 more shares. Similarly, Barclays PLC increased its stake by 226.7%, now holding 56,354 shares valued at $1,039,000 following additional purchases. Geode Capital Management also saw an increase of 80.6%, owning 838,279 shares worth $15,469,000 after acquiring 374,018 new shares. Wellington Management Group LLP and Sphera Funds Management LTD. have also raised their stakes, owning 2,042,723 and 190,506 shares respectively, showing strong institutional confidence in the company. Institutional investors own 93.16% of CARGO Therapeutics’ stock.

CARGO Therapeutics Overview

CARGO Therapeutics, Inc. is a clinical-stage biotechnology firm dedicated to developing chimeric antigen receptor (CAR) T-cell therapies aimed at treating cancer patients. Its leading program is CRG-022, which is an autologous CD22 CAR T-cell product designed to counteract resistance mechanisms by targeting CD22, a tumor antigen found in B-cell malignancies.

Investment Consideration

With current ratings indicating a "Buy" status among analysts, potential investors should consider whether to invest in CARGO Therapeutics. While many ratings suggest a positive outlook, it's advisable to weigh the insights of top analysts who may recommend alternative stocks as better investments.

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