CARGO Therapeutics (NASDAQ:CRGX) Shares Down 4.8% – Should You Sell?

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s share price fell 4.8% during mid-day trading on Monday . The stock traded as low as $14.40 and last traded at $14.40. 71,287 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 151,321 shares. The stock had previously closed at $15.12.

Analyst Ratings Changes

CRGX has been the topic of a number of recent analyst reports. HC Wainwright restated a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a research note on Friday, November 15th. William Blair assumed coverage on CARGO Therapeutics in a research note on Tuesday, November 26th. They issued an “outperform” rating for the company. Finally, Chardan Capital restated a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. 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 price target of $31.80.

CARGO Therapeutics Stock Down 7.5 %

The stock has a market cap of $643.47 million and a PE ratio of -3.28. The firm has a 50 day moving average price of $17.16 and a 200 day moving average price of $17.78.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CRGX. Yu Fan purchased a new stake in CARGO Therapeutics in the second quarter valued at approximately $14,975,000. Geode Capital Management LLC lifted its holdings in shares of CARGO Therapeutics by 80.6% in the 3rd quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock valued at $15,469,000 after buying an additional 374,018 shares during the period. Cowen AND Company LLC boosted its stake in shares of CARGO Therapeutics by 121.7% in the second quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock worth $9,102,000 after buying an additional 304,305 shares during the last quarter. Novo Holdings A S grew its holdings in CARGO Therapeutics by 23.5% during the second quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock worth $25,352,000 after acquiring an additional 294,000 shares during the period. Finally, Perceptive Advisors LLC raised its position in CARGO Therapeutics by 6.8% during the second quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock valued at $60,475,000 after acquiring an additional 235,000 shares in the last quarter. Institutional investors and hedge funds 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.