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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw a notable increase in its stock price, rising by 5.7% during trading on Tuesday. The shares climbed to a high of $14.54 and settled at the same price. During this trading session, about 74,893 shares exchanged hands, marking a significant drop of 71% compared to the average daily volume of 258,436 shares. The stock had closed at $13.76 prior to this session.

Investment Ratings and Price Targets

Several research analysts have recently evaluated CRGX. HC Wainwright reissued a "buy" rating with a price target of $33.00 in a report published on November 15. Similarly, Chardan Capital affirmed a "buy" rating with a target price set at $28.00 on November 13. On November 26, William Blair initiated coverage of CARGO Therapeutics, offering an "outperform" rating. According to MarketBeat.com, out of six research analysts, all have given the stock a "buy" rating, with an average price target of $31.80.

CARGO Therapeutics Price Performance

As of now, the stock has a 50-day moving average of $17.65 and a 200-day moving average of $17.81. The company's market capitalization stands at approximately $663.72 million, along with a price-to-earnings (PE) ratio of -3.38.

Recent Financial Results

CARGO Therapeutics recently announced its quarterly earnings results on November 12. The company reported an earnings per share (EPS) of ($0.88), which exceeded analysts' expectations of ($1.14) by $0.26. Analysts expect that the company will report an EPS of -3.73 for the current year.

Institutional Investor Activity

There have been significant changes in institutional investors' holdings in CARGO Therapeutics recently. Notably, JPMorgan Chase & Co. increased its stake by 74.9% during the third quarter, now owning 15,007 shares valued at about $277,000 after acquiring an additional 6,426 shares. Barclays PLC also amplified its position by 226.7%, obtaining 56,354 shares now worth approximately $1,039,000. Moreover, Geode Capital Management LLC elevated its holdings by 80.6%, acquiring 374,018 additional shares for a total of 838,279 valued at $15,469,000. Wellington Management Group LLP boosted its stake by 4.1% in the third quarter, with 2,042,723 shares valued at $37,688,000. Sphera Funds Management LTD increased its ownership by 22.5%, owning 190,506 shares worth $3,515,000. Overall, institutional investors hold 93.16% of the company’s stock.

About CARGO Therapeutics

CARGO Therapeutics, Inc. is a clinical-stage biotech firm that focuses on developing chimeric antigen receptor (CAR) T-cell therapies for cancer treatment. Its leading product candidate is CRG-022, which is an autologous CD22 CAR T-cell therapy designed to combat resistance mechanisms by targeting the CD22 antigen found in B-cell malignancies.

Conclusion: Is CARGO Therapeutics a Good Investment?

For those considering investing in CARGO Therapeutics at this time, it’s essential to weigh the stock's current market ratings and institutional backing against other opportunities in the market. While it currently carries a "buy" rating from analysts, it’s prudent to research and assess potential alternatives before making any investment decisions.

CARGO, Stocks, Investing