CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 3.2% – What’s Next?

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) traded down 3.2% during mid-day trading on Tuesday . The stock traded as low as $11.62 and last traded at $11.65. 8,299 shares were traded during mid-day trading, a decline of 96% from the average session volume of 218,658 shares. The stock had previously closed at $12.04.

Analyst Ratings Changes

A number of analysts have commented on the company. William Blair started coverage on CARGO Therapeutics in a report on Tuesday, November 26th. They issued an “outperform” rating for the company. Chardan Capital reissued a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of CARGO Therapeutics in a report on Friday, November 15th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $31.80.

CARGO Therapeutics Stock Performance

The company’s 50-day moving average price is $16.28 and its 200 day moving average price is $17.72. The stock has a market cap of $524.72 million, a PE ratio of -2.68 and a beta of 2.50.

CARGO Therapeutics (NASDAQ:CRGX) last announced its earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, beating analysts’ consensus estimates 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.

Hedge Funds Weigh In On CARGO Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets raised its stake in shares of CARGO Therapeutics by 437.8% in the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after buying an additional 9,311 shares during the period. SG Americas Securities LLC purchased a new position in CARGO Therapeutics during the third quarter valued at approximately $234,000. JPMorgan Chase & Co. boosted its position in shares of CARGO Therapeutics by 74.9% in the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after purchasing an additional 6,426 shares during the period. MetLife Investment Management LLC raised its position in shares of CARGO Therapeutics by 59.3% during 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 period. Finally, Rhumbline Advisers lifted its stake in shares of CARGO Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after buying an additional 3,765 shares in the last quarter. 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.