CARGO Therapeutics (NASDAQ:CRGX) Stock Rises by 5.7% - Should You Consider Buying?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) experienced a notable increase of 5.7% in its stock price during Tuesday's trading session. The stock reached a high of $14.54, where it last traded. A total of approximately 74,893 shares were exchanged during the day, showing a significant decline of 71% when compared to the average daily trading volume of 258,436 shares. The previous closing price was $13.76.

New Price Targets from Analysts

Various research analysts have recently discussed CARGO Therapeutics, providing important insights into its stock potential. HC Wainwright maintained a "buy" rating for the company, presenting a target price of $33.00 in a report dated November 15. Similarly, Chardan Capital also affirmed a "buy" rating, setting a target of $28.00 on November 13. Additionally, on November 26, William Blair started coverage of CARGO Therapeutics, labeling it with an "outperform" rating. Currently, six analysts rate the stock as a buy, and data from MarketBeat.com shows that the consensus rating remains "Buy" with an average price target of $31.80.

Performance Trends

At present, CARGO Therapeutics holds a 50-day moving average of $17.65, alongside a two-hundred-day moving average of $17.81. The company has a market capitalization of approximately $663.72 million and displays a price-to-earnings (PE) ratio of -3.38. CARGO Therapeutics announced its latest quarterly earnings on November 12, reporting an earnings per share (EPS) of ($0.88), which surpassed analysts' expectations of ($1.14) by $0.26. Research analysts anticipate that for the current year, CARGO Therapeutics will post an average EPS of -3.73.

Changes in Institutional Holdings

Recent activity from institutional investors indicates evolving positions in CARGO Therapeutics. For example, during the third quarter, JPMorgan Chase & Co. increased its ownership by 74.9%, acquiring an additional 6,426 shares for a total holding of 15,007 shares, valued at $277,000. Barclays PLC significantly boosted its stake by 226.7%, holding 56,354 shares worth $1,039,000 after adding 39,102 shares. Meanwhile, Geode Capital Management LLC increased its holdings by 80.6%. Post-acquisition, they now possess 838,279 shares valued at approximately $15,469,000. Additionally, Wellington Management Group LLP increased its position by 4.1% and now owns 2,042,723 shares valued at $37,688,000 after purchasing an additional 79,782 shares. Lastly, Sphera Funds Management LTD. grew its stake in CARGO by 22.5%, now owning 190,506 shares worth about $3,515,000. Institutional investors collectively hold 93.16% of the company's stock.

About CARGO Therapeutics

CARGO Therapeutics, Inc. is a clinical-stage biotechnology company focused on creating chimeric antigen receptor (CAR) T-cell therapies to treat cancer patients. The company’s leading program is the CRG-022, an autologous CD22 CAR T-cell product candidate, that aims to tackle resistance mechanisms by targeting CD22, an alternative tumor antigen found in B-cell malignancies.

Final Thoughts

Investors considering CARGO Therapeutics should take into account the positive outlook from analysts, recent institutional investments, and the potential for significant future growth in the biotechnology sector.

CARGO, Stock, Investment