CARGO Therapeutics, Inc. (NASDAQ:CRGX) Given Consensus Recommendation of “Buy” by Brokerages

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has been given an average rating of “Buy” by the six research firms that are presently covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokers that have issued a report on the stock in the last year is $31.80.

A number of equities research analysts have recently issued reports on CRGX shares. Chardan Capital restated 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 initiated coverage on CARGO Therapeutics in a research note on Tuesday, November 26th. They set an “outperform” rating on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research note on Friday, November 15th.

CARGO Therapeutics Price Performance

NASDAQ CRGX opened at $14.14 on Monday. CARGO Therapeutics has a 1-year low of $12.17 and a 1-year high of $33.92. The company has a market cap of $650.84 million and a PE ratio of -3.32. The stock’s 50 day simple moving average is $17.80 and its 200-day simple moving average is $17.83.

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 the consensus estimate of ($1.14) by $0.26. On average, equities research analysts anticipate that CARGO Therapeutics will post -3.73 EPS for the current fiscal year.

Institutional Investors Weigh In On CARGO Therapeutics

Several institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in CARGO Therapeutics by 11.5% during the second quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after purchasing an additional 7,146 shares in the last quarter. Rhumbline Advisers raised its stake in CARGO Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after acquiring an additional 3,765 shares in the last quarter. TD Asset Management Inc raised its stake in CARGO Therapeutics by 78.7% during the 2nd quarter. TD Asset Management Inc now owns 289,352 shares of the company’s stock worth $4,751,000 after acquiring an additional 127,418 shares in the last quarter. Cowen AND Company LLC lifted its position in CARGO Therapeutics by 121.7% in the second quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock valued at $9,102,000 after acquiring an additional 304,305 shares during the last quarter. Finally, Yu Fan acquired a new position in CARGO Therapeutics in the second quarter valued at $14,975,000. 93.16% of the stock is owned by hedge funds and other institutional investors.

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.