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

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s share price traded down 7.4% during mid-day trading on Monday . The stock traded as low as $17.03 and last traded at $17.11. 128,887 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 254,155 shares. The stock had previously closed at $18.47.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Chardan Capital reissued a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Piper Sandler dropped their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating for the company in a research report on Tuesday, August 13th. HC Wainwright reissued a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research report on Friday, November 15th. Finally, 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. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Stock Up 0.2 %

The firm has a market capitalization of $754.86 million and a PE ratio of -3.79. The firm’s 50 day moving average price is $19.17 and its two-hundred day moving average price is $18.19.

CARGO Therapeutics (NASDAQ:CRGX) last announced its earnings results 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, sell-side analysts anticipate that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Buying and Selling at CARGO Therapeutics

In other news, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics stock in a transaction dated Wednesday, September 18th. The shares were 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 directly owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. The trade was a 19.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the transaction, the chief executive officer now directly owns 103,905 shares of the company’s stock, valued at $2,600,742.15. This trade represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is currently owned by insiders.

Institutional Trading of CARGO Therapeutics

Hedge funds have recently bought and sold shares of the company. MetLife Investment Management LLC lifted its position in 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 purchasing an additional 7,380 shares during the last quarter. FMR LLC lifted its position in CARGO Therapeutics by 1.1% in the 3rd quarter. FMR LLC now owns 6,954,476 shares of the company’s stock valued at $128,310,000 after purchasing an additional 77,508 shares during the last quarter. Sio Capital Management LLC bought a new stake in CARGO Therapeutics in the 3rd quarter valued at about $3,208,000. Yu Fan bought a new stake in CARGO Therapeutics in the 2nd quarter valued at about $14,975,000. Finally, Cowen AND Company LLC raised its position in shares of CARGO Therapeutics by 121.7% during the 2nd quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock worth $9,102,000 after buying an additional 304,305 shares in the last quarter. 93.16% of the stock is currently owned by 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.