CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 3.2% – Time to Sell?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares fell 3.2% during trading on Tuesday . The stock traded as low as $11.62 and last traded at $11.65. 8,299 shares were traded during trading, a decline of 96% from the average session volume of 218,658 shares. The stock had previously closed at $12.04.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CRGX. HC Wainwright restated a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a report on Friday, November 15th. William Blair assumed coverage on shares of CARGO Therapeutics in a research report on Tuesday, November 26th. They set an “outperform” rating for the company. Finally, Chardan Capital reiterated a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $31.80.

CARGO Therapeutics Trading Down 0.3 %

The business has a fifty day moving average price of $15.91 and a two-hundred day moving average price of $17.65. The firm has a market capitalization of $552.36 million, a PE ratio of -2.82 and a beta of 2.50.

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

Institutional Trading of CARGO Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its position in shares of CARGO Therapeutics by 87.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company’s stock worth $5,460,000 after buying an additional 138,261 shares during the period. Geode Capital Management LLC lifted its stake in CARGO Therapeutics by 80.6% during the 3rd quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock worth $15,469,000 after acquiring an additional 374,018 shares in the last quarter. Barclays PLC lifted its stake in CARGO Therapeutics by 226.7% during the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after acquiring an additional 39,102 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in 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 acquiring an additional 7,380 shares during the period. Finally, FMR LLC grew its position in CARGO Therapeutics by 1.1% in the 3rd quarter. FMR LLC now owns 6,954,476 shares of the company’s stock valued at $128,310,000 after acquiring an additional 77,508 shares in the last quarter. 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.