CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 5.1% - Here's What Happened

CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report)'s stock price fell 5.1% during trading on Wednesday . The company traded as low as $14.00 and last traded at $14.00. 27,599 shares traded hands during trading, a decline of 89% from the average session volume of 255,559 shares. The stock had previously closed at $14.76.

Wall Street Analysts Forecast Growth

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

CARGO Therapeutics Price Performance

The stock has a 50 day moving average price of $18.84 and a 200-day moving average price of $18.05. The stock has a market capitalization of $589.62 million and a price-to-earnings ratio of -3.01.

CARGO Therapeutics (NASDAQ:CRGX - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.14) by $0.26. As a group, research analysts forecast that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current year.

Insider Buying and Selling at CARGO Therapeutics

In other news, CEO Gina Chapman sold 2,975 shares of the business's stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction of $74,464.25. Following the transaction, the chief executive officer now owns 103,905 shares of the company's stock, valued at approximately $2,600,742.15. The trade was a 2.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.38% of the stock is owned by insiders.

Hedge Funds Weigh In On CARGO Therapeutics

A number of institutional investors have recently bought and sold shares of CRGX. BNP Paribas Financial Markets grew its stake in shares of CARGO Therapeutics by 437.8% in the 3rd 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 period. SG Americas Securities LLC purchased a new position in CARGO Therapeutics in the third quarter worth approximately $234,000. MetLife Investment Management LLC increased its stake in CARGO Therapeutics by 59.3% during the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company's stock worth $366,000 after acquiring an additional 7,380 shares during the last quarter. Rhumbline Advisers raised its position in CARGO Therapeutics by 14.0% in the second 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. Finally, Barclays PLC lifted its stake in shares of CARGO Therapeutics by 226.7% in 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. 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.