CARGO Therapeutics (NASDAQ:CRGX) Shares Down 4.8% – Time to Sell?

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

Analyst Ratings Changes

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

CARGO Therapeutics Stock Down 4.0 %

The stock has a market capitalization of $653.60 million, a price-to-earnings ratio of -3.33 and a beta of 2.50. The stock has a fifty day moving average of $16.85 and a 200-day moving average of $17.77.

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

Institutional Trading of CARGO Therapeutics

Large investors have recently made changes to their positions in the company. FMR LLC grew its position in CARGO Therapeutics by 1.1% during the 3rd quarter. FMR LLC now owns 6,954,476 shares of the company’s stock worth $128,310,000 after purchasing an additional 77,508 shares during the last quarter. RTW Investments LP boosted its stake 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 worth $75,626,000 after buying an additional 20,833 shares during the period. Perceptive Advisors LLC grew its holdings in shares of CARGO Therapeutics by 6.8% during the second quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after buying an additional 235,000 shares during the last quarter. Janus Henderson Group PLC increased its position 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 valued at $49,335,000 after acquiring an additional 46,659 shares during the period. Finally, Wellington Management Group LLP raised its stake 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 acquiring an additional 79,782 shares during the last quarter. 93.16% of the stock is owned by institutional investors and hedge funds.

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.