CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 5.9% – Time to Sell?

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s stock price fell 5.9% during trading on Monday . The stock traded as low as $20.89 and last traded at $20.90. 21,862 shares changed hands during trading, a decline of 92% from the average session volume of 265,305 shares. The stock had previously closed at $22.22.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CRGX. Piper Sandler lowered their target price on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Finally, Chardan Capital assumed coverage on CARGO Therapeutics in a research note on Monday, July 8th. They issued a “buy” rating and a $28.00 target price on the stock. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $30.33.

CARGO Therapeutics Stock Down 0.4 %

The company has a market capitalization of $959.43 million and a PE ratio of -0.41. The firm’s 50-day moving average is $19.54 and its 200-day moving average is $18.49.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings data on Monday, August 12th. The company reported ($1.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.04. As a group, equities research analysts predict that CARGO Therapeutics, Inc. will post -4.37 EPS for the current year.

Insiders Place Their Bets

In other CARGO Therapeutics news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction of $74,464.25. Following the transaction, the chief executive officer now directly owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Gina Chapman sold 2,975 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.03, for a total transaction of $74,464.25. Following the transaction, the chief executive officer now directly owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total value of $40,448.00. Following the completion of the transaction, the chief financial officer now owns 6,446 shares in the company, valued at approximately $162,954.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.38% of the stock is owned by insiders.

Institutional Trading of CARGO Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. purchased a new position in shares of CARGO Therapeutics in the first quarter worth $48,000. SG Americas Securities LLC purchased a new position in shares of CARGO Therapeutics in the third quarter valued at about $234,000. American International Group Inc. purchased a new stake in shares of CARGO Therapeutics during the first quarter worth about $237,000. BNP Paribas Financial Markets purchased a new stake in shares of CARGO Therapeutics during the first quarter worth about $238,000. Finally, California State Teachers Retirement System purchased a new position in CARGO Therapeutics during the 1st quarter valued at about $337,000. 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.