Red Tree Management LLC Purchases New Position in CARGO Therapeutics, Inc. (NASDAQ:CRGX)

Red Tree Management LLC acquired a new position in shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,100,732 shares of the company’s stock, valued at approximately $30,293,000. CARGO Therapeutics makes up about 19.9% of Red Tree Management LLC’s investment portfolio, making the stock its 3rd biggest position.

A number of other hedge funds and other institutional investors also recently modified their holdings of CRGX. Brooklyn Investment Group acquired a new stake in CARGO Therapeutics during the 4th quarter valued at approximately $27,000. Tower Research Capital LLC TRC grew its position in shares of CARGO Therapeutics by 565.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,800 shares of the company’s stock worth $84,000 after buying an additional 4,929 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in shares of CARGO Therapeutics in the fourth quarter worth $141,000. Invesco Ltd. acquired a new stake in CARGO Therapeutics in the fourth quarter valued at $165,000. Finally, ProShare Advisors LLC acquired a new stake in CARGO Therapeutics in the fourth quarter valued at $171,000. Institutional investors and hedge funds own 93.16% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on CRGX shares. William Blair lowered shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a report on Thursday, January 30th. Truist Financial downgraded CARGO Therapeutics from a “buy” rating to a “hold” rating and decreased their price target for the stock from $32.00 to $7.00 in a research note on Thursday, January 30th. JPMorgan Chase & Co. lowered CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday, January 30th. Chardan Capital cut CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday, January 30th. Finally, HC Wainwright lowered CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $15.00.

CARGO Therapeutics Trading Down 3.3%

CRGX stock opened at $3.84 on Thursday. The firm’s 50-day moving average is $4.22 and its two-hundred day moving average is $9.69. The company has a market capitalization of $177.06 million, a price-to-earnings ratio of -0.90 and a beta of 0.47. CARGO Therapeutics, Inc. has a 52 week low of $3.00 and a 52 week high of $25.45.

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.