CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 6.2% - Time to Sell?

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX - Get Free Report) traded down 6.2% during trading on Monday . The stock traded as low as $13.21 and last traded at $13.27. 26,845 shares traded hands during trading, a decline of 90% from the average session volume of 258,737 shares. The stock had previously closed at $14.14.

Wall Street Analyst Weigh In

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

CARGO Therapeutics Price Performance

The stock's 50-day moving average price is $17.65 and its 200 day moving average price is $17.81. The firm has a market cap of $633.35 million and a P/E ratio of -3.23.

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 the consensus estimate of ($1.14) by $0.26. As a group, analysts forecast that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Institutional Trading of CARGO Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its holdings in CARGO Therapeutics by 87.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company's stock worth $5,460,000 after buying an additional 138,261 shares during the last quarter. MetLife Investment Management LLC grew its position in shares of CARGO Therapeutics by 59.3% in 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 during the period. Geode Capital Management LLC increased its stake in shares of CARGO Therapeutics by 80.6% during the 3rd quarter. Geode Capital Management LLC now owns 838,279 shares of the company's stock worth $15,469,000 after purchasing an additional 374,018 shares during the last quarter. FMR LLC raised its holdings in shares of CARGO Therapeutics by 1.1% in the 3rd quarter. FMR LLC now owns 6,954,476 shares of the company's stock valued at $128,310,000 after purchasing an additional 77,508 shares during the period. Finally, Sio Capital Management LLC bought a new stake in shares of CARGO Therapeutics in the 3rd quarter valued at about $3,208,000. Institutional investors own 93.16% of the company's stock.

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.