CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 3.7% - Here's Why

CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report)'s share price fell 3.7% during mid-day trading on Tuesday . The company traded as low as $13.97 and last traded at $14.17. 18,827 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 258,938 shares. The stock had previously closed at $14.72.

Analyst Upgrades and Downgrades

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

CARGO Therapeutics Price Performance

The company has a fifty day moving average price of $18.40 and a 200 day moving average price of $17.91. The company has a market cap of $674.77 million and a PE ratio of -3.44.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last issued its quarterly 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. As a group, sell-side analysts predict that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Hedge Funds Weigh In On CARGO Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of CRGX. Barclays PLC raised its position in CARGO Therapeutics by 226.7% during the 3rd quarter. Barclays PLC now owns 56,354 shares of the company's stock valued at $1,039,000 after purchasing an additional 39,102 shares during the last quarter. Geode Capital Management LLC boosted its holdings in CARGO Therapeutics by 80.6% in the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company's stock valued at $15,469,000 after acquiring an additional 374,018 shares in the last quarter. Wellington Management Group LLP increased its position in CARGO Therapeutics by 4.1% during the 3rd quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company's stock valued at $37,688,000 after purchasing an additional 79,782 shares during the period. Sphera Funds Management LTD. raised its holdings in CARGO Therapeutics by 22.5% in the 3rd quarter. Sphera Funds Management LTD. now owns 190,506 shares of the company's stock worth $3,515,000 after purchasing an additional 35,000 shares in the last quarter. Finally, State Street Corp lifted its position in shares of CARGO Therapeutics by 11.7% in the 3rd quarter. State Street Corp now owns 839,861 shares of the company's stock worth $15,495,000 after purchasing an additional 88,000 shares during the period. 93.16% of the stock is owned by 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.