CARGO Therapeutics (NASDAQ:CRGX) Hits New 12-Month Low – What’s Next?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $12.58 and last traded at $12.81, with a volume of 208873 shares trading hands. The stock had previously closed at $14.76.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRGX. William Blair began coverage on shares of CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating for the company. Chardan Capital reaffirmed 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 reissued a “buy” rating and set a $33.00 price target on shares of CARGO Therapeutics in a report on Friday, November 15th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Price Performance

The company has a market capitalization of $685.82 million and a P/E ratio of -3.50. The firm’s 50-day moving average is $18.52 and its 200-day moving average is $17.95.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. As a group, analysts forecast that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Institutional Trading of CARGO Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Barclays PLC grew its stake in shares of CARGO Therapeutics by 226.7% during the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock valued at $1,039,000 after acquiring an additional 39,102 shares during the period. Geode Capital Management LLC lifted its holdings in CARGO Therapeutics by 80.6% during the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock valued at $15,469,000 after purchasing an additional 374,018 shares in the last quarter. Wellington Management Group LLP boosted its position 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 period. Sphera Funds Management LTD. increased its stake in shares of CARGO Therapeutics by 22.5% in 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 in the last quarter. Finally, State Street Corp raised its position in shares of CARGO Therapeutics by 11.7% during the 3rd quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after purchasing an additional 88,000 shares during the period. Hedge funds and other institutional investors 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.