CARGO Therapeutics (NASDAQ:CRGX) Trading Down 5.9% – What’s Next?

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) were down 5.9% on Monday . The company traded as low as $20.89 and last traded at $20.90. Approximately 21,862 shares changed hands during trading, a decline of 92% from the average daily volume of 265,305 shares. The stock had previously closed at $22.22.

Analysts Set New Price Targets

A number of research analysts have recently commented on CRGX shares. Chardan Capital initiated coverage on CARGO Therapeutics in a research note on Monday, July 8th. They issued a “buy” rating and a $28.00 target price for the company. HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research report on Tuesday, August 13th. Finally, Piper Sandler dropped their target price on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $30.33.

CARGO Therapeutics Stock Performance

The stock has a 50-day moving average of $19.54 and a two-hundred day moving average of $18.49. The company has a market cap of $959.43 million and a P/E ratio of -0.41.

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

Insider Buying and Selling

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

Institutional Investors Weigh In On CARGO Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Yu Fan purchased a new position in CARGO Therapeutics during the 2nd quarter valued at $14,975,000. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 acquiring an additional 854,840 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of CARGO Therapeutics by 179.5% in the first quarter. Vanguard Group Inc. now owns 1,116,293 shares of the company’s stock worth $24,916,000 after buying an additional 716,868 shares during the last quarter. Cowen AND Company LLC raised its stake in CARGO Therapeutics by 121.7% in the 2nd quarter. Cowen AND Company LLC now owns 554,305 shares of the company’s stock worth $9,102,000 after acquiring an additional 304,305 shares during the last quarter. Finally, Novo Holdings A S lifted its holdings in shares of CARGO Therapeutics by 23.5% during the second 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 during the period. Hedge funds and other 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.