CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Down – Time to Sell?

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $14.66, but opened at $14.36. CARGO Therapeutics shares last traded at $14.37, with a volume of 4,156 shares trading hands.

Analysts Set New Price Targets

CRGX has been the topic of several recent analyst reports. HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of CARGO Therapeutics in a research note on Friday, November 15th. William Blair started coverage on shares of 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 analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, CARGO Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Price Performance

The business’s 50-day simple moving average is $18.09 and its two-hundred day simple moving average is $17.87. The stock has a market capitalization of $667.41 million and a price-to-earnings ratio of -3.40.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. As a group, sell-side analysts expect that CARGO Therapeutics, Inc. will post -3.73 EPS for the current year.

Institutional Investors Weigh In On CARGO Therapeutics

A number of large investors have recently modified their holdings of the stock. Bank of New York Mellon Corp boosted its holdings in CARGO Therapeutics by 11.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock worth $1,136,000 after acquiring an additional 7,146 shares during the period. Rhumbline Advisers grew its holdings in CARGO Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after purchasing an additional 3,765 shares in the last quarter. TD Asset Management Inc increased its stake in CARGO Therapeutics by 78.7% during the 2nd quarter. TD Asset Management Inc now owns 289,352 shares of the company’s stock worth $4,751,000 after buying an additional 127,418 shares during the period. Cowen AND Company LLC lifted its holdings 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 buying an additional 304,305 shares in the last quarter. Finally, Yu Fan purchased a new position in CARGO Therapeutics in the 2nd quarter valued at about $14,975,000. Institutional investors and hedge funds 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.