CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 7.4% – Time to Sell?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was down 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 mid-day 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

Several equities research analysts have recently weighed in on CRGX shares. HC Wainwright reissued a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a research note on Friday, November 15th. Chardan Capital reissued a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a research 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 for the company in a research report on Tuesday, August 13th. Finally, William Blair began coverage on shares of CARGO Therapeutics in a research note on Tuesday, November 26th. They set an “outperform” rating for the company. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $31.80.

CARGO Therapeutics Price Performance

The firm’s 50-day simple moving average is $19.25 and its 200 day simple moving average is $18.25.

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

Insider Buying and Selling at CARGO Therapeutics

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

Institutional Trading of CARGO Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of CRGX. FMR LLC raised its position in CARGO Therapeutics by 1.1% during 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. RTW Investments LP raised its holdings in CARGO Therapeutics by 0.5% in the 3rd quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock worth $75,626,000 after purchasing an additional 20,833 shares in the last quarter. Perceptive Advisors LLC lifted its holdings in CARGO Therapeutics by 6.8% in the second quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after buying an additional 235,000 shares during the period. Janus Henderson Group PLC grew its stake in CARGO Therapeutics by 1.8% in the third quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock worth $49,335,000 after purchasing an additional 46,659 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of CARGO Therapeutics by 4.1% in the 3rd quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock worth $37,688,000 after acquiring an additional 79,782 shares in the last quarter. Institutional investors 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.