CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Down - Should You Sell?

CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $14.66, but opened at $14.36. CARGO Therapeutics shares last traded at $14.37, with a volume of 4,156 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CRGX shares. HC Wainwright reaffirmed a "buy" rating and issued a $33.00 price target on shares of CARGO Therapeutics in a research note on Friday, November 15th. Chardan Capital reissued a "buy" rating and issued a $28.00 target price on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. Finally, William Blair began coverage on CARGO Therapeutics in a report on Tuesday, November 26th. They issued an "outperform" rating for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, CARGO Therapeutics currently has an average rating of "Buy" and an average target price of $31.80.

CARGO Therapeutics Price Performance

The stock has a market capitalization of $685.36 million and a PE ratio of -3.50. The business has a 50 day moving average price of $18.09 and a 200 day moving average price of $17.87.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, beating analysts' consensus estimates of ($1.14) by $0.26. On average, equities analysts expect that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current year.

Institutional Investors Weigh In On CARGO Therapeutics

Several institutional investors have recently modified their holdings of CRGX. 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 purchasing an additional 9,311 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of CARGO Therapeutics in the 3rd quarter worth $234,000. JPMorgan Chase & Co. increased its position in CARGO Therapeutics by 74.9% during the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company's stock valued at $277,000 after acquiring an additional 6,426 shares during the last quarter. MetLife Investment Management LLC lifted its holdings in CARGO Therapeutics by 59.3% in the third 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 during the period. Finally, Rhumbline Advisers grew its stake in shares of CARGO Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company's stock valued at $503,000 after purchasing an additional 3,765 shares during the period. 93.16% of the stock is owned by hedge funds and other institutional investors.

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.