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

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) have received an average rating of “Buy” from the six research firms that are presently covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a buy recommendation. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $31.80.

Several analysts have weighed in on the stock. Chardan Capital reaffirmed a “buy” rating and set a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. HC Wainwright restated a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a report on Friday, November 15th. Finally, William Blair initiated coverage on shares of CARGO Therapeutics in a research report on Tuesday, November 26th. They set an “outperform” rating on the stock.

CARGO Therapeutics Stock Performance

Shares of CARGO Therapeutics stock opened at $13.84 on Friday. CARGO Therapeutics has a twelve month low of $10.91 and a twelve month high of $33.92. The firm has a market cap of $637.03 million, a P/E ratio of -3.25 and a beta of 2.50. The firm’s 50-day simple moving average is $15.04 and its 200-day simple moving average is $17.54.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, beating the consensus estimate of ($1.14) by $0.26. On average, equities analysts forecast that CARGO Therapeutics will post -3.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CARGO Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Brooklyn Investment Group bought a new position in CARGO Therapeutics during the 4th quarter worth approximately $27,000. BNP Paribas Financial Markets raised its position in shares of CARGO Therapeutics by 437.8% during the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after purchasing an additional 9,311 shares during the period. SG Americas Securities LLC acquired a new position in shares of CARGO Therapeutics in the 3rd quarter valued at approximately $234,000. JPMorgan Chase & Co. increased its stake in CARGO Therapeutics by 74.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after purchasing an additional 6,426 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in 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 buying an additional 7,380 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.