CARGO Therapeutics (NASDAQ:CRGX) Shares Down 7.4% – What’s Next?

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) dropped 7.4% during trading on Monday . The company traded as low as $17.03 and last traded at $17.11. Approximately 128,887 shares traded hands during trading, a decline of 49% from the average daily volume of 254,155 shares. The stock had previously closed at $18.47.

Analysts Set New Price Targets

CRGX has been the topic of a number of research analyst reports. William Blair initiated coverage on shares of CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating on the stock. Chardan Capital reissued a “buy” rating and set a $28.00 price objective on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Piper Sandler decreased their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Finally, HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a report on Friday, November 15th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CARGO Therapeutics currently has an average rating of “Buy” and an average target price of $31.80.

CARGO Therapeutics Stock Up 0.2 %

The company has a market cap of $754.86 million and a PE ratio of -3.79. The firm’s fifty day simple moving average is $19.17 and its 200-day simple moving average is $18.19.

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

Insider Activity

In other news, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total value of $74,464.25. Following the completion of the transaction, the chief executive officer now owns 103,905 shares of the company’s stock, valued at $2,600,742.15. The trade was a 2.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Anup Radhakrishnan sold 1,600 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total transaction of $40,448.00. Following the transaction, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at $162,954.88. This trade represents a 19.89 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.38% of the company’s stock.

Hedge Funds Weigh In On CARGO Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC increased its position in CARGO Therapeutics by 226.7% during the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after purchasing an additional 39,102 shares during the last quarter. Geode Capital Management LLC increased its position in 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 purchasing an additional 374,018 shares during the last quarter. 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. Sphera Funds Management LTD. increased its position 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 last quarter. Finally, State Street Corp increased its position in CARGO Therapeutics by 11.7% during the third quarter. State Street Corp now owns 839,861 shares of the company’s stock worth $15,495,000 after purchasing an additional 88,000 shares during the last quarter. Institutional investors and hedge funds own 93.16% of the company’s stock.

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.