CARGO Therapeutics (NASDAQ:CRGX) Sets New 12-Month Low – Time to Sell?

CARGO Therapeutics, Inc. (NASDAQ:CRGX) shares hit 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.

Analysts Set New Price Targets

A number of analysts recently commented on the company. HC Wainwright reaffirmed 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 began coverage on shares of CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating on the stock. Finally, Chardan Capital restated a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, CARGO Therapeutics has an average rating of “Buy” and a consensus price target of $31.80.

CARGO Therapeutics Stock Down 8.5 %

The company has a 50-day moving average price of $19.09 and a 200 day moving average price of $18.16.

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

Insider Transactions at CARGO Therapeutics

In other news, CEO Gina Chapman sold 2,975 shares of the business’s 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Anup Radhakrishnan sold 1,600 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $25.28, for a total value of $40,448.00. Following the sale, the chief financial officer now directly owns 6,446 shares of the company’s stock, valued at $162,954.88. This represents a 19.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.38% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CRGX. Rhumbline Advisers raised its position in shares of CARGO Therapeutics by 14.0% in the 2nd 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 increased its position in 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 worth $1,136,000 after buying an additional 7,146 shares during the last quarter. MetLife Investment Management LLC boosted its position in CARGO Therapeutics by 59.3% during the third 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. BNP Paribas Financial Markets increased its holdings in shares of CARGO Therapeutics by 437.8% in the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after purchasing an additional 9,311 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of CARGO Therapeutics in the third quarter valued at about $234,000. 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.