CARGO Therapeutics (NASDAQ:CRGX) Shares Down 4.8% – Here’s Why

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) were down 4.8% during mid-day trading on Monday . The company traded as low as $14.40 and last traded at $14.40. Approximately 71,287 shares traded hands during trading, a decline of 53% from the average daily volume of 151,321 shares. The stock had previously closed at $15.12.

Analysts Set New Price Targets

Several research firms have recently commented on CRGX. William Blair began coverage on CARGO Therapeutics in a report on Tuesday, November 26th. They issued an “outperform” rating for the company. HC Wainwright reissued a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a report on Friday, November 15th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $31.80.

CARGO Therapeutics Stock Down 4.0 %

The firm has a fifty day moving average of $16.85 and a 200-day moving average of $17.77. The stock has a market capitalization of $653.60 million, a price-to-earnings ratio of -3.33 and a beta of 2.50.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.14) by $0.26. As a group, research analysts forecast that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Institutional Trading of CARGO Therapeutics

Several large investors have recently modified their holdings of the business. Yu Fan purchased a new stake in CARGO Therapeutics during the 2nd quarter worth about $14,975,000. Geode Capital Management LLC grew its holdings in shares of CARGO Therapeutics by 80.6% during the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after buying an additional 374,018 shares in the last quarter. Novo Holdings A S raised its position in shares of CARGO Therapeutics by 23.5% in the second quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock valued at $25,352,000 after buying an additional 294,000 shares during the last quarter. Perceptive Advisors LLC lifted its stake in shares of CARGO Therapeutics by 6.8% during the second quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock valued at $60,475,000 after buying an additional 235,000 shares during the period. Finally, Sio Capital Management LLC acquired a new stake in CARGO Therapeutics during the third quarter worth approximately $3,208,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.