CARGO Therapeutics (NASDAQ:CRGX) Reaches New 52-Week Low – Here’s Why

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s stock price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $12.58 and last traded at $12.81, with a volume of 208873 shares changing hands. The stock had previously closed at $14.76.

Wall Street Analysts Forecast Growth

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

CARGO Therapeutics Stock Down 13.2 %

The stock has a market capitalization of $589.62 million and a price-to-earnings ratio of -3.01. The business’s 50 day simple moving average is $18.72 and its 200-day simple moving average is $18.01.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. On average, analysts expect that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current year.

Institutional Investors Weigh In On CARGO Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers lifted its position in shares of CARGO Therapeutics by 14.0% in the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after purchasing an additional 3,765 shares during the period. Bank of New York Mellon Corp grew its position in shares of CARGO Therapeutics by 11.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after buying an additional 7,146 shares during the period. MetLife Investment Management LLC increased its stake in shares of CARGO Therapeutics by 59.3% in the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after acquiring an additional 7,380 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after acquiring an additional 9,311 shares during the period. Finally, SG Americas Securities LLC bought a new position in CARGO Therapeutics during the third quarter worth $234,000. 93.16% of the stock is owned by institutional investors.

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.