CARGO Therapeutics (NASDAQ:CRGX) Shares Up 6.1%

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares shot up 6.1% on Thursday . The stock traded as high as $19.11 and last traded at $19.08. 97,679 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 246,922 shares. The stock had previously closed at $17.98.

Analyst Ratings Changes

Several analysts have recently issued reports on CRGX shares. HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Truist Financial reissued a “buy” rating and set a $32.00 target price (down previously from $34.00) on shares of CARGO Therapeutics in a report on Thursday, May 16th. Piper Sandler cut their price target on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. Finally, Chardan Capital started coverage on CARGO Therapeutics in a research note on Monday, July 8th. They set a “buy” rating and a $28.00 price objective on the stock. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $30.33.

CARGO Therapeutics Trading Down 1.9 %

The business’s 50-day moving average price is $16.74 and its 200 day moving average price is $19.61.

CARGO Therapeutics (NASDAQ:CRGX) last announced its earnings results on Monday, August 12th. The company reported ($1.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.04. As a group, sell-side analysts anticipate that CARGO Therapeutics, Inc. will post -4.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CARGO Therapeutics

Several hedge funds have recently added to or reduced their stakes in CRGX. Ameritas Investment Partners Inc. purchased a new stake in CARGO Therapeutics in the first quarter worth approximately $48,000. American International Group Inc. bought a new stake in CARGO Therapeutics in the first quarter worth $237,000. BNP Paribas Financial Markets purchased a new stake in CARGO Therapeutics during the first quarter valued at about $238,000. California State Teachers Retirement System purchased a new stake in CARGO Therapeutics during the first quarter valued at about $337,000. Finally, Rhumbline Advisers increased 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 worth $503,000 after buying an additional 3,765 shares during the period. 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.