CARGO Therapeutics, Inc. (NASDAQ:CRGX – Get Free Report)’s share price dropped 6.9% during mid-day trading on Monday . The company traded as low as $16.58 and last traded at $16.72. Approximately 49,482 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 245,269 shares. The stock had previously closed at $17.95.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on CRGX. Chardan Capital initiated 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 on the stock. Piper Sandler reduced their price objective on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. HC Wainwright reissued a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Finally, Truist Financial reaffirmed a “buy” rating and set a $32.00 price target (down previously from $34.00) on shares of CARGO Therapeutics in a research note on Thursday, May 16th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $30.33.
Read Our Latest Analysis on CARGO Therapeutics
CARGO Therapeutics Stock Performance
Insider Transactions at CARGO Therapeutics
In related news, major shareholder Samsara Biocapital Gp, Llc acquired 294,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were acquired at an average cost of $17.00 per share, with a total value of $4,998,000.00. Following the transaction, the insider now owns 4,415,689 shares of the company’s stock, valued at approximately $75,066,713. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.38% of the stock is owned by insiders.
Institutional Investors Weigh In On CARGO Therapeutics
A number of hedge funds and other institutional investors have recently bought and sold shares of CRGX. RTW Investments LP acquired a new position in CARGO Therapeutics during the 4th quarter worth approximately $119,821,000. Perceptive Advisors LLC lifted its position in shares of CARGO Therapeutics by 6.8% in the second quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after purchasing an additional 235,000 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in CARGO Therapeutics by 38.2% in 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 position in CARGO Therapeutics in the fourth quarter valued at $39,009,000. Finally, Novo Holdings A S increased its stake in CARGO Therapeutics by 23.5% in the 2nd quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock valued at $25,352,000 after buying an additional 294,000 shares during the last quarter. 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.
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