CARGO Therapeutics (NASDAQ:CRGX) Trading Down 3.7% – What’s Next?

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) traded down 3.7% during trading on Tuesday . The company traded as low as $13.97 and last traded at $14.17. Approximately 18,827 shares were traded during mid-day trading, a decline of 93% from the average session volume of 258,938 shares. The stock had previously closed at $14.72.

Wall Street Analysts Forecast Growth

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

CARGO Therapeutics Stock Performance

The firm has a market cap of $666.49 million and a P/E ratio of -3.40. The company’s 50 day moving average is $18.40 and its 200 day moving average is $17.91.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC grew its holdings in CARGO Therapeutics by 226.7% during the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after acquiring an additional 39,102 shares during the last quarter. Geode Capital Management LLC lifted 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 purchasing an additional 374,018 shares during the period. Wellington Management Group LLP grew its stake in shares of CARGO Therapeutics by 4.1% in 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 holdings in CARGO Therapeutics by 22.5% in the third quarter. Sphera Funds Management LTD. now owns 190,506 shares of the company’s stock valued at $3,515,000 after purchasing an additional 35,000 shares during the period. Finally, State Street Corp raised its position in CARGO Therapeutics by 11.7% during the 3rd 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.

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.