CARGO Therapeutics (NASDAQ:CRGX) Trading Up 4.3%

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares shot up 4.3% during trading on Wednesday . The company traded as high as $24.49 and last traded at $24.33. 13,244 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 249,270 shares. The stock had previously closed at $23.33.

Analyst Ratings Changes

CRGX has been the topic of several recent analyst reports. Piper Sandler lowered their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. Chardan Capital started coverage on CARGO Therapeutics in a research report on Monday, July 8th. They set a “buy” rating and a $28.00 price target on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, CARGO Therapeutics presently has a consensus rating of “Buy” and an average price target of $30.33.

CARGO Therapeutics Trading Up 6.3 %

The company’s 50-day simple moving average is $17.66 and its 200-day simple moving average is $19.49.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings results on Monday, August 12th. The company reported ($1.02) earnings per share for the quarter, topping the consensus estimate of ($1.06) by $0.04. Sell-side analysts anticipate that CARGO Therapeutics, Inc. will post -4.37 EPS for the current fiscal year.

Institutional Trading of CARGO Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Ameritas Investment Partners Inc. acquired a new stake in shares of CARGO Therapeutics in the first quarter valued at approximately $48,000. American International Group Inc. bought a new stake in shares of CARGO Therapeutics during the 1st quarter valued at $237,000. BNP Paribas Financial Markets bought a new stake in shares of CARGO Therapeutics during the 1st quarter valued at $238,000. California State Teachers Retirement System bought a new position in shares of CARGO Therapeutics in the first quarter worth $337,000. Finally, Rhumbline Advisers increased its position 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 purchasing an additional 3,765 shares during the period. Institutional investors and hedge funds own 93.16% of the company’s stock.

CARGO Therapeutics Company Profile

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.