CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 5.9% – Here’s Why

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s share price traded down 5.9% during mid-day trading on Monday . The stock traded as low as $20.89 and last traded at $20.90. 21,862 shares changed hands during trading, a decline of 92% from the average session volume of 265,305 shares. The stock had previously closed at $22.22.

Analyst Ratings Changes

CRGX has been the topic of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and set a $33.00 target price on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Piper Sandler lowered their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Finally, Chardan Capital assumed coverage on shares of CARGO Therapeutics in a research report on Monday, July 8th. They set a “buy” rating and a $28.00 target price for the company. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $30.33.

CARGO Therapeutics Price Performance

The firm has a market capitalization of $961.27 million and a PE ratio of -0.44. The company’s fifty day simple moving average is $19.29 and its 200 day simple moving average is $18.49.

CARGO Therapeutics (NASDAQ:CRGX) last released its quarterly earnings data on Monday, August 12th. The company reported ($1.02) EPS for the quarter, topping the consensus estimate of ($1.06) by $0.04. On average, analysts anticipate that CARGO Therapeutics, Inc. will post -4.37 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Anup Radhakrishnan sold 1,600 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total transaction of $40,448.00. Following the sale, the chief financial officer now owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Anup Radhakrishnan sold 1,600 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total transaction of $40,448.00. Following the sale, the chief financial officer now owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total transaction of $74,464.25. Following the completion of the transaction, the chief executive officer now directly owns 103,905 shares of the company’s stock, valued at approximately $2,600,742.15. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On CARGO Therapeutics

Several hedge funds have recently bought and sold shares of CRGX. Perceptive Advisors LLC raised its position in shares of CARGO Therapeutics by 6.8% during the 2nd quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock valued at $60,475,000 after buying an additional 235,000 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in CARGO Therapeutics by 38.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,093,347 shares of the company’s stock valued at $69,044,000 after purchasing an additional 854,840 shares in the last quarter. Wellington Management Group LLP bought a new stake in CARGO Therapeutics during the fourth quarter worth about $39,009,000. Novo Holdings A S boosted its holdings in shares of CARGO Therapeutics by 23.5% in the 2nd quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock worth $25,352,000 after purchasing an additional 294,000 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of CARGO Therapeutics by 179.5% during the 1st quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock valued at $24,916,000 after purchasing an additional 716,868 shares during the last quarter. 93.16% of the stock is currently 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.