CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 4.8% - Here's Why

CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report)'s stock price dropped 4.8% during trading on Monday . The company traded as low as $14.40 and last traded at $14.40. Approximately 71,287 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 151,321 shares. The stock had previously closed at $15.12.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. HC Wainwright restated a "buy" rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research note on Friday, November 15th. William Blair initiated coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They set an "outperform" rating on the stock. Finally, Chardan Capital restated a "buy" rating and set a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $31.80.

CARGO Therapeutics Trading Down 7.5 %

The firm has a market capitalization of $643.47 million and a price-to-earnings ratio of -3.28. The business has a 50-day moving average price of $17.16 and a two-hundred day moving average price of $17.78.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last issued its earnings results 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, equities research analysts predict that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current fiscal year.

Institutional Trading of CARGO Therapeutics

Hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets raised 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 valued at $211,000 after buying an additional 9,311 shares during the last quarter. SG Americas Securities LLC bought a new stake in CARGO Therapeutics during the 3rd quarter valued at $234,000. JPMorgan Chase & Co. boosted its position in CARGO Therapeutics by 74.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company's stock worth $277,000 after acquiring an additional 6,426 shares during the period. MetLife Investment Management LLC grew its stake in shares of CARGO Therapeutics by 59.3% in the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company's stock worth $366,000 after purchasing an additional 7,380 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in shares of 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. 93.16% of the stock is currently 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.