CARGO Therapeutics (NASDAQ:CRGX) Hits New 52-Week Low - Time to Sell?

CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $3.00 and last traded at $3.39, with a volume of 21312441 shares traded. The stock had previously closed at $13.19.

Analyst Upgrades and Downgrades

CRGX has been the topic of several research reports. Chardan Capital downgraded shares of CARGO Therapeutics from a "buy" rating to a "neutral" rating in a report on Thursday, January 30th. HC Wainwright downgraded shares of CARGO Therapeutics from a "buy" rating to a "neutral" rating in a report on Thursday, January 30th. Truist Financial downgraded shares of CARGO Therapeutics from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $32.00 to $7.00 in a report on Thursday, January 30th. Piper Sandler cut shares of CARGO Therapeutics from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $34.00 to $4.00 in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. lowered shares of CARGO Therapeutics from an "overweight" rating to an "underweight" rating in a research report on Thursday, January 30th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat, CARGO Therapeutics has a consensus rating of "Hold" and an average price target of $15.00.

CARGO Therapeutics Price Performance

The stock has a market capitalization of $171.23 million, a P/E ratio of -0.88 and a beta of 2.12. The company's 50 day simple moving average is $14.27 and its two-hundred day simple moving average is $17.22.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($1.14) by $0.26. On average, research analysts anticipate that CARGO Therapeutics, Inc. will post -3.74 earnings per share for the current fiscal year.

Institutional Trading of CARGO Therapeutics

Several hedge funds have recently modified their holdings of the stock. FMR LLC grew its stake in shares of CARGO Therapeutics by 1.1% during the third quarter. FMR LLC now owns 6,954,476 shares of the company's stock valued at $128,310,000 after purchasing an additional 77,508 shares during the last quarter. RTW Investments LP lifted its holdings in CARGO Therapeutics by 0.5% in the third quarter. RTW Investments LP now owns 4,098,955 shares of the company's stock valued at $75,626,000 after buying an additional 20,833 shares during the period. Janus Henderson Group PLC lifted its holdings in CARGO Therapeutics by 1.8% in the third quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company's stock valued at $49,335,000 after buying an additional 46,659 shares during the period. Wellington Management Group LLP lifted its holdings in CARGO Therapeutics by 4.1% in the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company's stock valued at $37,688,000 after buying an additional 79,782 shares during the period. Finally, State Street Corp lifted its holdings in CARGO Therapeutics by 11.7% in the third quarter. State Street Corp now owns 839,861 shares of the company's stock valued at $15,495,000 after buying an additional 88,000 shares during the period. 93.16% of the stock is owned by institutional investors.

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.