CARGO Therapeutics (NASDAQ:CRGX) Shares Down 7.7% – Should You Sell?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares were down 7.7% during trading on Thursday . The stock traded as low as $17.56 and last traded at $17.56. Approximately 13,185 shares were traded during trading, a decline of 95% from the average daily volume of 255,444 shares. The stock had previously closed at $19.03.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CRGX. Chardan Capital reissued a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday. Piper Sandler dropped 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. Finally, HC Wainwright reissued a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a report on Friday. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $30.33.

CARGO Therapeutics Price Performance

The firm’s 50-day moving average price is $20.65 and its 200 day moving average price is $18.62. The firm has a market capitalization of $736.45 million and a price-to-earnings ratio of -3.76.

CARGO Therapeutics (NASDAQ:CRGX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.14) by $0.26. On average, analysts predict that CARGO Therapeutics, Inc. will post -4.37 earnings per share for the current fiscal year.

Insider Activity at CARGO Therapeutics

In other news, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $25.28, for a total transaction of $40,448.00. Following the completion of the sale, the chief financial officer now directly owns 6,446 shares in the company, valued at $162,954.88. This trade represents a 19.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gina Chapman sold 2,975 shares of CARGO Therapeutics stock in a transaction that occurred 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 sale, the chief executive officer now owns 103,905 shares in the company, valued at $2,600,742.15. This represents a 2.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.38% of the stock is owned by insiders.

Institutional Investors Weigh In On CARGO Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. acquired a new position in CARGO Therapeutics in the first quarter worth $48,000. Rhumbline Advisers boosted its stake in CARGO Therapeutics by 14.0% in the second quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock valued at $503,000 after acquiring an additional 3,765 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of CARGO Therapeutics by 11.5% during the second quarter. Bank of New York Mellon Corp now owns 69,171 shares of the company’s stock valued at $1,136,000 after purchasing an additional 7,146 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of CARGO Therapeutics by 59.3% during the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after purchasing an additional 7,380 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of CARGO Therapeutics by 437.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after purchasing an additional 9,311 shares during the last quarter. 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.