CARGO Therapeutics (NASDAQ:CRGX) Shares Down 4.2%

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) dropped 4.2% on Friday . The stock traded as low as $23.95 and last traded at $23.95. Approximately 46,539 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 250,445 shares. The stock had previously closed at $25.00.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CRGX shares. HC Wainwright reaffirmed a “buy” rating and set a $33.00 price target on shares of CARGO Therapeutics in a report on Tuesday, August 13th. Chardan Capital began coverage on shares of CARGO Therapeutics in a research note on Monday, July 8th. They issued a “buy” rating and a $28.00 price target for the company. Finally, Piper Sandler lowered their price objective on shares of CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $30.33.

CARGO Therapeutics Stock Down 4.0 %

The business’s fifty day moving average is $17.97 and its 200-day moving average is $19.56.

CARGO Therapeutics (NASDAQ:CRGX) last released its earnings results on Monday, August 12th. The company reported ($1.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.06) by $0.04. As a group, analysts expect that CARGO Therapeutics, Inc. will post -4.37 EPS for the current year.

Institutional Investors Weigh In On CARGO Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Ameritas Investment Partners Inc. bought a new position in shares of CARGO Therapeutics during the first quarter worth $48,000. Rhumbline Advisers grew its stake in shares of CARGO Therapeutics by 14.0% in the 2nd quarter. Rhumbline Advisers now owns 30,639 shares of the company’s stock worth $503,000 after buying an additional 3,765 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of CARGO Therapeutics by 11.5% in the 2nd 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. American International Group Inc. purchased a new stake in shares of CARGO Therapeutics during the 1st quarter valued at about $237,000. Finally, BNP Paribas Financial Markets bought a new position in shares of CARGO Therapeutics in the 1st quarter valued at about $238,000. 93.16% of the stock is owned by institutional investors.

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.