CARGO Therapeutics (NASDAQ:CRGX) Reaches New 12-Month Low – Here’s Why

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s share price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $12.17 and last traded at $12.30, with a volume of 13028 shares traded. The stock had previously closed at $13.50.

Analysts Set New Price Targets

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

CARGO Therapeutics Stock Down 7.1 %

The company’s fifty day moving average price is $16.10 and its two-hundred day moving average price is $17.69. The firm has a market cap of $514.59 million, a PE ratio of -2.62 and a beta of 2.50.

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

Institutional Trading of CARGO Therapeutics

Institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets lifted its holdings in CARGO Therapeutics by 437.8% in the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after acquiring an additional 9,311 shares during the period. SG Americas Securities LLC purchased a new position in shares of CARGO Therapeutics in the 3rd quarter valued at about $234,000. JPMorgan Chase & Co. lifted its stake in shares of CARGO Therapeutics by 74.9% in the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after purchasing an additional 6,426 shares during the period. MetLife Investment Management LLC boosted its holdings in CARGO Therapeutics by 59.3% during the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after buying an additional 7,380 shares in the last quarter. Finally, Rhumbline Advisers grew its position in CARGO Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after buying an additional 3,765 shares during the period. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

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.