CARGO Therapeutics (NASDAQ:CRGX) Shares Down 5.1% – Time to Sell?

by · The Markets Daily

CARGO Therapeutics, Inc. (NASDAQ:CRGX – Get Free Report) dropped 5.1% during trading on Wednesday . The stock traded as low as $14.00 and last traded at $14.00. Approximately 27,599 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 255,559 shares. The stock had previously closed at $14.76.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on 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. HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a report on Friday, November 15th. Finally, William Blair assumed coverage on shares of CARGO Therapeutics in a report on Tuesday, November 26th. They issued an “outperform” rating on the stock. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, CARGO Therapeutics has a consensus rating of “Buy” and a consensus price target of $31.80.

View Our Latest Analysis on CRGX

CARGO Therapeutics Trading Up 10.2 %

The firm has a market capitalization of $685.36 million and a P/E ratio of -3.50. The stock has a 50 day simple moving average of $18.62 and a 200-day simple moving average of $17.98.

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

Institutional Investors Weigh In On CARGO Therapeutics

Hedge funds have recently modified their holdings of the business. Barclays PLC raised its holdings in CARGO Therapeutics by 226.7% in the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after purchasing an additional 39,102 shares during the period. Geode Capital Management LLC raised its stake in shares of CARGO Therapeutics by 80.6% in the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after buying an additional 374,018 shares during the period. Wellington Management Group LLP lifted its position in shares of 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 buying an additional 79,782 shares in the last quarter. Sphera Funds Management LTD. lifted its position in shares of CARGO Therapeutics by 22.5% during the 3rd quarter. Sphera Funds Management LTD. now owns 190,506 shares of the company’s stock valued at $3,515,000 after buying an additional 35,000 shares in the last quarter. Finally, State Street Corp grew its stake 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 acquiring an additional 88,000 shares during the period. Institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Company Profile

(Get Free Report)

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.

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