CARGO Therapeutics (NASDAQ:CRGX) Sets New 12-Month Low – Here’s Why

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $13.50 and last traded at $13.94, with a volume of 99420 shares trading hands. The stock had previously closed at $14.94.

Wall Street Analyst Weigh In

Several analysts have recently commented on CRGX shares. HC Wainwright reiterated a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a report on Friday, November 15th. William Blair started coverage on CARGO Therapeutics in a research note on Tuesday, November 26th. They set an “outperform” rating for the company. Finally, Chardan Capital restated a “buy” rating and issued a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CARGO Therapeutics has a consensus rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Stock Performance

The company’s 50-day simple moving average is $19.09 and its 200 day simple moving average is $18.16.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.26. On average, equities research analysts forecast that CARGO Therapeutics, Inc. will post -3.73 EPS for the current fiscal year.

Insider Activity

In other 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 value of $40,448.00. Following the transaction, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at approximately $162,954.88. This represents a 19.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gina Chapman sold 2,975 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $25.03, for a total value 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 $2,600,742.15. The trade was a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.38% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CRGX. FMR LLC boosted its position in CARGO Therapeutics by 1.1% during the third quarter. FMR LLC now owns 6,954,476 shares of the company’s stock worth $128,310,000 after acquiring an additional 77,508 shares during the last quarter. RTW Investments LP grew its position in CARGO Therapeutics by 0.5% in the third quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock worth $75,626,000 after acquiring an additional 20,833 shares during the period. Perceptive Advisors LLC boosted its holdings in CARGO Therapeutics by 6.8% in the second quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock valued at $60,475,000 after purchasing an additional 235,000 shares during the period. Janus Henderson Group PLC grew its stake in shares of CARGO Therapeutics by 1.8% during the third quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock worth $49,335,000 after purchasing an additional 46,659 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in shares of CARGO Therapeutics by 4.1% in the 3rd quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock valued at $37,688,000 after buying an additional 79,782 shares during the last quarter. Hedge funds and other institutional investors own 93.16% of the company’s stock.

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.