CARGO Therapeutics (NASDAQ:CRGX) Trading Down 3.2% – Here’s What Happened

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares traded down 3.2% during mid-day trading on Tuesday . The company 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.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Chardan Capital reissued a “buy” rating and set a $28.00 price objective on shares of CARGO Therapeutics in a report on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research note on Friday, November 15th. Finally, William Blair started coverage on 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, CARGO Therapeutics has an average rating of “Buy” and a consensus target price of $31.80.

CARGO Therapeutics Trading Down 5.3 %

The firm has a market cap of $524.72 million, a PE ratio of -2.68 and a beta of 2.50. The firm has a fifty day simple moving average of $16.28 and a two-hundred day simple moving average of $17.72.

CARGO Therapeutics (NASDAQ:CRGX) last posted 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. Equities analysts expect 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 made changes to their positions in the business. FMR LLC grew its stake in shares of CARGO Therapeutics by 1.1% in the 3rd quarter. FMR LLC now owns 6,954,476 shares of the company’s stock worth $128,310,000 after buying an additional 77,508 shares during the last quarter. RTW Investments LP increased its holdings in shares of CARGO Therapeutics by 0.5% during the third quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock valued at $75,626,000 after acquiring an additional 20,833 shares in the last quarter. Perceptive Advisors LLC raised its position in shares of CARGO Therapeutics by 6.8% in the 2nd quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after purchasing an additional 235,000 shares during the last quarter. Janus Henderson Group PLC boosted its stake in CARGO Therapeutics by 1.8% in the 3rd 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 in the last quarter. Finally, Wellington Management Group LLP grew its position in CARGO Therapeutics by 4.1% during the 3rd quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock valued at $37,688,000 after purchasing an additional 79,782 shares during the last quarter. 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.