CARGO Therapeutics (NASDAQ:CRGX) Hits New 1-Year Low - Here's Why

CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $13.50 and last traded at $13.94, with a volume of 99420 shares. The stock had previously closed at $14.94.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Chardan Capital reissued a "buy" rating and set a $28.00 target price on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. HC Wainwright reiterated 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 initiated coverage on shares of CARGO Therapeutics in a research note on Tuesday, November 26th. They issued an "outperform" rating on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, CARGO Therapeutics currently has an average rating of "Buy" and an average target price of $31.80.

CARGO Therapeutics Stock Performance

The stock has a fifty day simple moving average of $19.01 and a two-hundred day simple moving average of $18.11. The stock has a market cap of $632.42 million and a PE ratio of -3.23.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, topping analysts' consensus estimates of ($1.14) by $0.26. On average, equities analysts predict that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal 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 completion of the sale, the chief financial officer now owns 6,446 shares in the company, valued at approximately $162,954.88. The trade was a 19.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gina Chapman sold 2,975 shares of the company's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the sale, the chief executive officer now directly owns 103,905 shares in the company, valued at $2,600,742.15. This represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.38% of the company's stock.

Institutional Investors Weigh In On CARGO Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of CRGX. Rhumbline Advisers grew its stake in CARGO Therapeutics by 14.0% in 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 in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of CARGO Therapeutics by 11.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company's stock valued at $1,136,000 after acquiring an additional 7,146 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of 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 in the last quarter. BNP Paribas Financial Markets boosted 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 worth $211,000 after purchasing an additional 9,311 shares during the period. Finally, SG Americas Securities LLC acquired a new position in CARGO Therapeutics in the third quarter worth $234,000. Institutional investors 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.