CARGO Therapeutics (NASDAQ:CRGX) Reaches New 1-Year Low – Here’s What Happened

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

Analyst Upgrades and Downgrades

A number of research firms have commented on CRGX. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a report on Friday, November 15th. William Blair began coverage on shares of CARGO Therapeutics in a report on Tuesday, November 26th. They issued an “outperform” rating for the company. Finally, Chardan Capital reissued a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $31.80.

CARGO Therapeutics Stock Down 13.2 %

The stock has a market cap of $589.62 million and a P/E ratio of -3.01. The firm’s 50-day moving average is $18.72 and its two-hundred day moving average is $18.01.

CARGO Therapeutics (NASDAQ:CRGX) last announced its earnings results 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. Analysts anticipate that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRGX. Yu Fan bought a new position in shares of CARGO Therapeutics in the second quarter valued at approximately $14,975,000. Geode Capital Management LLC grew its position in shares of CARGO Therapeutics by 80.6% during the 3rd 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. Cowen AND Company LLC raised its stake in shares of CARGO Therapeutics by 121.7% during 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 boosted its stake in CARGO Therapeutics by 23.5% in the second quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock valued at $25,352,000 after acquiring an additional 294,000 shares during the last quarter. Finally, Perceptive Advisors LLC grew its holdings in CARGO Therapeutics by 6.8% during the 2nd quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after acquiring an additional 235,000 shares during the period. Institutional investors and hedge funds 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.