CARGO Therapeutics (NASDAQ:CRGX) Stock Price Up 5.7% - Should You Buy?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) experienced a notable increase in its stock price, rising by 5.7% during trading hours on Tuesday. The shares reached a peak of $14.54 and were last traded at that same price. During this trading session, around 74,893 shares were exchanged, which is significantly lower than the typical daily volume of 258,436 shares. The stock's previous closing price was $13.76.

Recent Analyst Recommendations

The stock has been the focus of various research analyst assessments recently. On November 15, HC Wainwright reiterated a "buy" rating for CARGO Therapeutics and set a price target of $33.00. Alongside this, Chardan Capital also confirmed a "buy" rating with a price target of $28.00 on November 13. Furthermore, on November 26, William Blair commenced coverage of CARGO Therapeutics with an "outperform" rating. Overall, six research analysts have issued buy ratings, leading to a consensus recommendation of "Buy" and an average price target of $31.80, according to MarketBeat.com.

Stock Performance Insights

Currently, the stock is trading below its 50-day moving average of $17.65 and its 200-day moving average of $17.81. As for the company's metrics, CARGO Therapeutics has a market capitalization of approximately $663.72 million and a negative price-to-earnings ratio of -3.38. The firm last announced its quarterly earnings on November 12, revealing an earnings per share (EPS) of ($0.88), which was better than the analysts' expectations of ($1.14) by $0.26. Looking ahead, analysts anticipate that CARGO Therapeutics will post an EPS of -3.73 for the current fiscal year.

Institutional Investment Activity

Recently, institutional investors have been adjusting their stakes in CARGO Therapeutics. During the third quarter, JPMorgan Chase & Co. raised its shares by 74.9%, now holding 15,007 shares valued at $277,000 after buying an additional 6,426 shares. Barclays PLC increased its stake by 226.7%, owning 56,354 shares worth $1,039,000 after a purchase of 39,102 shares. Additionally, Geode Capital Management LLC raised its stake by 80.6%, now holding 838,279 shares valued at approximately $15,469,000 following the acquisition of 374,018 shares. Wellington Management Group LLP increased its ownership by 4.1%, owning 2,042,723 shares valued at $37,688,000 after buying 79,782 shares. Meanwhile, Sphera Funds Management LTD. boosted its stake by 22.5%, now owning 190,506 shares worth $3,515,000 after acquiring 35,000 shares. Collectively, institutional investors hold around 93.16% of the company's stock.

Company Overview

CARGO Therapeutics, Inc. is a clinical-stage biotechnology firm focused on developing chimeric antigen receptor (CAR) T-cell therapies aimed at treating cancer patients. The company’s leading program is called CRG-022, which is an autologous CD22 CAR T-cell product candidate. It is designed to overcome resistance mechanisms by targeting CD22, a tumor antigen commonly expressed in B-cell malignancies.

Investment Consideration

While CARGO Therapeutics has been assigned a "Buy" rating from several analysts, it is essential for potential investors to conduct thorough research before making investment decisions. Top analysts have identified other stocks that may represent more attractive buying opportunities at this time.

CARGO, Therapeutics, stocks