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

CARGO Therapeutics, Inc. (NASDAQ:CRGXGet Free Report) shares fell 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 traded hands during trading, a decline of 96% from the average session volume of 218,658 shares. The stock had previously closed at $12.04.

Analyst Ratings Changes

Several analysts have commented on the stock. HC Wainwright restated a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research note on Friday, November 15th. William Blair initiated coverage on shares of CARGO Therapeutics in a research report on Tuesday, November 26th. They set an “outperform” rating for the company. Finally, Chardan Capital reaffirmed a “buy” rating and set a $28.00 price target 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 MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $31.80.

Check Out Our Latest Analysis on CRGX

CARGO Therapeutics Stock Performance

The firm’s 50 day moving average is $15.91 and its 200-day moving average is $17.65. The stock has a market capitalization of $552.36 million, a price-to-earnings ratio of -2.82 and a beta of 2.50.

CARGO Therapeutics (NASDAQ:CRGXGet Free Report) last issued its quarterly earnings data 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. As a group, sell-side analysts forecast that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current year.

Hedge Funds Weigh In On CARGO Therapeutics

A number of hedge funds have recently bought and sold shares of CRGX. Brooklyn Investment Group purchased a new stake in shares of CARGO Therapeutics in the fourth quarter valued at approximately $27,000. JPMorgan Chase & Co. increased its holdings in CARGO Therapeutics by 74.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after acquiring an additional 6,426 shares in the last quarter. Barclays PLC increased 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 acquiring an additional 39,102 shares in the last quarter. Geode Capital Management LLC raised 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 purchasing an additional 374,018 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in CARGO Therapeutics by 4.1% in 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. Hedge funds and other institutional investors own 93.16% of the company’s stock.

About CARGO Therapeutics

(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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