CARGO Therapeutics (NASDAQ:CRGX) Trading Down 5.1% – Time to Sell?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) traded down 5.1% during trading on Wednesday . The company traded as low as $14.00 and last traded at $14.00. 27,599 shares were traded during trading, a decline of 89% from the average session volume of 255,559 shares. The stock had previously closed at $14.76.

Analyst Upgrades and Downgrades

CRGX has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a report on Friday, November 15th. Chardan Capital reaffirmed a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Finally, William Blair assumed coverage on CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating on the stock. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Price Performance

The business has a 50 day moving average price of $18.84 and a 200 day moving average price of $18.05. The stock has a market capitalization of $607.11 million and a PE ratio of -3.10.

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

Insider Buying and Selling

In related news, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $25.03, for a total value of $74,464.25. Following the completion of the sale, the chief executive officer now directly owns 103,905 shares in the company, valued at approximately $2,600,742.15. This trade represents a 2.78 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.38% of the stock is owned by company insiders.

Institutional Trading of CARGO Therapeutics

A number of institutional investors have recently made changes to their positions in CRGX. Rhumbline Advisers grew its holdings in shares of CARGO Therapeutics by 14.0% in the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after acquiring an additional 3,765 shares during the period. Bank of New York Mellon Corp grew its stake in shares of CARGO Therapeutics by 11.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock valued at $1,136,000 after purchasing an additional 7,146 shares during the period. MetLife Investment Management LLC increased its position in shares of CARGO Therapeutics by 59.3% during the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after purchasing an additional 7,380 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after purchasing an additional 9,311 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of CARGO Therapeutics in the 3rd quarter worth approximately $234,000. Hedge funds and other institutional investors 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.