CARGO Therapeutics (NASDAQ:CRGX) Trading Down 6.9%

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’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.

CARGO Therapeutics Stock Performance

The business has a 50 day moving average of $16.22 and a 200-day moving average of $19.88.

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.