CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 3%

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) were down 3% during mid-day trading on Wednesday . The stock traded as low as $23.06 and last traded at $23.12. Approximately 20,620 shares traded hands during trading, a decline of 93% from the average daily volume of 296,500 shares. The stock had previously closed at $23.83.

Analyst Upgrades and Downgrades

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

CARGO Therapeutics Stock Performance

The company has a 50 day moving average price of $24.48.

Institutional Investors Weigh In On CARGO Therapeutics

Several hedge funds have recently made changes to their positions in CRGX. RTW Investments LP acquired a new stake in CARGO Therapeutics in the fourth quarter valued at about $119,821,000. Perceptive Advisors LLC acquired a new stake in CARGO Therapeutics in the fourth quarter valued at about $79,557,000. Nextech Invest Ltd. acquired a new stake in CARGO Therapeutics in the fourth quarter valued at about $61,174,000. Price T Rowe Associates Inc. MD acquired a new stake in CARGO Therapeutics in the fourth quarter valued at about $51,823,000. Finally, Wellington Management Group LLP acquired a new stake in CARGO Therapeutics in the fourth quarter valued at about $39,009,000. 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.