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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares were down 4.8% on Monday . The company traded as low as $14.40 and last traded at $14.40. Approximately 71,287 shares traded hands during mid-day 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

A number of research analysts have weighed in on the stock. William Blair initiated coverage on shares of CARGO Therapeutics in a research report on Tuesday, November 26th. They issued an “outperform” rating for the company. HC Wainwright reiterated a “buy” rating and set a $33.00 price target on shares of CARGO Therapeutics in a research report on Friday, November 15th. Finally, Chardan Capital restated a “buy” rating and issued a $28.00 price objective 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 data from MarketBeat, CARGO Therapeutics has a consensus rating of “Buy” and an average price target of $31.80.

CARGO Therapeutics Stock Performance

The stock’s 50 day moving average is $17.16 and its two-hundred day moving average is $17.78. The stock has a market capitalization of $643.47 million and a PE ratio of -3.28.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings data 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. Equities research analysts expect that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Institutional Investors Weigh In On CARGO Therapeutics

A number of large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its stake in CARGO Therapeutics by 74.9% during the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after buying an additional 6,426 shares during the last quarter. Barclays PLC boosted its position in shares of CARGO Therapeutics by 226.7% during the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock valued at $1,039,000 after acquiring an additional 39,102 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of CARGO Therapeutics by 80.6% in the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock valued at $15,469,000 after purchasing an additional 374,018 shares during the period. Wellington Management Group LLP increased its position in CARGO Therapeutics by 4.1% during the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock worth $37,688,000 after purchasing an additional 79,782 shares during the last quarter. Finally, Sphera Funds Management LTD. raised its stake in CARGO Therapeutics by 22.5% during the third quarter. Sphera Funds Management LTD. now owns 190,506 shares of the company’s stock worth $3,515,000 after purchasing an additional 35,000 shares during the period. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

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.