CARGO Therapeutics (NASDAQ:CRGX) Sets New 12-Month Low - Should You Sell?

CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report) hit a new 52-week low on Thursday . The stock traded as low as $12.58 and last traded at $12.81, with a volume of 208873 shares changing hands. The stock had previously closed at $14.76.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Chardan Capital reiterated a "buy" rating and set a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. HC Wainwright reissued a "buy" rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research note on Friday, November 15th. Finally, William Blair started coverage on shares of CARGO Therapeutics in a research report on Tuesday, November 26th. They set an "outperform" rating on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $31.80.

CARGO Therapeutics Trading Up 5.5 %

The company has a 50 day moving average price of $18.62 and a 200 day moving average price of $17.98. The company has a market capitalization of $621.84 million and a P/E ratio of -3.17.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, beating the consensus estimate of ($1.14) by $0.26. As a group, sell-side analysts forecast that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors have recently made changes to their positions in the company. Rhumbline Advisers increased its stake in shares of 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 purchasing an additional 3,765 shares during the period. Bank of New York Mellon Corp increased its position in 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 worth $1,136,000 after buying an additional 7,146 shares during the period. MetLife Investment Management LLC increased its position in CARGO Therapeutics by 59.3% during the 3rd 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 during the period. BNP Paribas Financial Markets lifted its holdings in shares of CARGO Therapeutics by 437.8% during the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company's stock worth $211,000 after buying an additional 9,311 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of CARGO Therapeutics in the third quarter valued at about $234,000. Institutional investors own 93.16% of the company's stock.

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.