Brokerages Set CARGO Therapeutics, Inc. (NASDAQ:CRGX) Price Target at $31.80

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has been given a consensus rating of “Buy” by the six brokerages that are covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $31.80.

CRGX has been the subject of several research reports. Chardan Capital reissued a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. William Blair began coverage on shares of CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating for the company. Finally, HC Wainwright restated a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a report on Friday, November 15th.

CARGO Therapeutics Trading Up 0.5 %

Shares of NASDAQ CRGX opened at $15.12 on Monday. The firm has a market capitalization of $695.94 million and a P/E ratio of -3.55. The firm’s 50-day moving average price is $17.16 and its 200-day moving average price is $17.76. CARGO Therapeutics has a 1-year low of $12.17 and a 1-year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. Equities research analysts forecast that CARGO Therapeutics will post -3.73 EPS for the current year.

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers grew 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 valued at $503,000 after acquiring an additional 3,765 shares in the last quarter. JPMorgan Chase & Co. grew its stake in CARGO Therapeutics by 74.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after purchasing an additional 6,426 shares during the period. Bank of New York Mellon Corp increased its position in shares of CARGO Therapeutics by 11.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock valued at $1,136,000 after purchasing an additional 7,146 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of CARGO Therapeutics by 59.3% during the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after purchasing an additional 7,380 shares during the period. Finally, 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 worth $211,000 after buying an additional 9,311 shares during 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.