CARGO Therapeutics (NASDAQ:CRGX) Shares Down 7.7% – What’s Next?

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) were down 7.7% on Thursday . The stock traded as low as $17.56 and last traded at $17.56. Approximately 13,185 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 255,444 shares. The stock had previously closed at $19.03.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Piper Sandler dropped their price target on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Chardan Capital reaffirmed a “buy” rating and set a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday. Finally, HC Wainwright reissued a “buy” rating and issued a $33.00 price objective on shares of CARGO Therapeutics in a research note on Friday. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, CARGO Therapeutics currently has a consensus rating of “Buy” and an average target price of $30.33.

CARGO Therapeutics Stock Down 5.9 %

The firm has a market capitalization of $736.45 million and a PE ratio of -3.76. The firm’s 50-day moving average price is $20.65 and its two-hundred day moving average price is $18.62.

CARGO Therapeutics (NASDAQ:CRGX) last released its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. Equities research analysts forecast that CARGO Therapeutics, Inc. will post -4.37 EPS for the current year.

Insider Activity

In related news, CFO Anup Radhakrishnan sold 1,600 shares of CARGO Therapeutics stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the transaction, the chief financial officer now owns 6,446 shares in the company, valued at $162,954.88. This trade represents a 19.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gina Chapman sold 2,975 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction of $74,464.25. Following the sale, the chief executive officer now owns 103,905 shares of the company’s stock, valued at $2,600,742.15. This trade represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRGX. BNP Paribas Financial Markets bought a new stake in CARGO Therapeutics in the 1st quarter valued at $238,000. Swiss National Bank bought a new stake in CARGO Therapeutics in the first quarter valued at about $636,000. Vanguard Group Inc. raised its position in CARGO Therapeutics by 179.5% in the first quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock worth $24,916,000 after purchasing an additional 716,868 shares in the last quarter. Ameritas Investment Partners Inc. bought a new position in CARGO Therapeutics during the first quarter worth about $48,000. Finally, American International Group Inc. acquired a new stake in CARGO Therapeutics during the first quarter valued at approximately $237,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.