CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 3.7% – Here’s Why

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s stock price dropped 3.7% during trading on Tuesday . The stock traded as low as $13.97 and last traded at $14.17. Approximately 18,827 shares changed hands during trading, a decline of 93% from the average daily volume of 258,938 shares. The stock had previously closed at $14.72.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CRGX. William Blair assumed coverage on CARGO Therapeutics in a research note on Tuesday, November 26th. They issued an “outperform” rating for the company. Chardan Capital reissued a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of CARGO Therapeutics in a research note on Friday, November 15th. Six analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $31.80.

CARGO Therapeutics Stock Performance

The company has a 50-day moving average of $18.26 and a 200-day moving average of $17.89. The stock has a market capitalization of $674.77 million and a price-to-earnings ratio of -3.44.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings results 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, analysts expect 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 institutional investors have recently modified their holdings of CRGX. FMR LLC boosted its position in CARGO Therapeutics by 1.1% during the third quarter. FMR LLC now owns 6,954,476 shares of the company’s stock worth $128,310,000 after acquiring an additional 77,508 shares during the last quarter. RTW Investments LP grew its position in shares of CARGO Therapeutics by 0.5% in the third quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock valued at $75,626,000 after purchasing an additional 20,833 shares during the period. Perceptive Advisors LLC increased its stake in CARGO Therapeutics by 6.8% in the second quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock valued at $60,475,000 after purchasing an additional 235,000 shares during the last quarter. Janus Henderson Group PLC lifted its position in CARGO Therapeutics by 1.8% during the third quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock worth $49,335,000 after buying an additional 46,659 shares during the period. Finally, Wellington Management Group LLP lifted its position in CARGO Therapeutics by 4.1% during the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock worth $37,688,000 after buying an additional 79,782 shares during the period. Institutional investors and hedge funds own 93.16% of the company’s stock.

About CARGO Therapeutics

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.