CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Down to $22.41

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) gapped down prior to trading on Thursday . The stock had previously closed at $22.41, but opened at $21.83. CARGO Therapeutics shares last traded at $22.82, with a volume of 8,171 shares changing hands.

Analysts Set New Price Targets

CRGX has been the subject of several analyst reports. Jefferies Financial Group lifted their price objective on shares of CARGO Therapeutics from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. JPMorgan Chase & Co. initiated coverage on shares of CARGO Therapeutics in a research note on Tuesday, December 5th. They issued an “overweight” rating and a $23.00 price objective for the company. Truist Financial assumed coverage on shares of CARGO Therapeutics in a research note on Tuesday, December 5th. They issued a “buy” rating and a $34.00 price objective for the company. Finally, TD Cowen assumed coverage on shares of CARGO Therapeutics in a research report on Tuesday, December 5th. They set an “outperform” rating for the company.

CARGO Therapeutics Stock Performance

The stock has a 50-day simple moving average of $24.45.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Legal & General Group Plc acquired a new position in shares of CARGO Therapeutics during the fourth quarter valued at about $232,000. Goldman Sachs Group Inc. acquired a new position in shares of CARGO Therapeutics during the fourth quarter valued at about $287,000. Northern Trust Corp acquired a new position in shares of CARGO Therapeutics during the fourth quarter valued at about $877,000. Norges Bank acquired a new position in shares of CARGO Therapeutics during the fourth quarter valued at about $1,130,000. Finally, Sphera Funds Management LTD. bought a new stake in CARGO Therapeutics in the fourth quarter valued at about $1,736,000. 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.