CARGO Therapeutics (NASDAQ:CRGX) Shares Gap Down – What’s Next?

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) gapped down prior to trading on Thursday . The stock had previously closed at $14.66, but opened at $14.36. CARGO Therapeutics shares last traded at $14.37, with a volume of 4,156 shares trading hands.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. William Blair started coverage on shares of CARGO Therapeutics in a research report on Tuesday, November 26th. They set an “outperform” rating for the company. HC Wainwright reaffirmed a “buy” rating and issued a $33.00 target price on shares of CARGO Therapeutics in a research report on Friday, November 15th. Finally, Chardan Capital reiterated a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Six analysts have rated the stock with a buy rating, According to MarketBeat, CARGO Therapeutics currently has an average rating of “Buy” and an average target price of $31.80.

CARGO Therapeutics Price Performance

The stock has a 50-day moving average price of $17.80 and a 200-day moving average price of $17.83. The firm has a market capitalization of $650.84 million and a PE ratio of -3.32.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.14) by $0.26. As a group, equities research analysts predict that CARGO Therapeutics, Inc. will post -3.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers raised 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 valued at $503,000 after purchasing an additional 3,765 shares in the last quarter. JPMorgan Chase & Co. raised its stake in CARGO Therapeutics by 74.9% during the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after buying an additional 6,426 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in CARGO Therapeutics by 11.5% during 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. MetLife Investment Management LLC grew its position in shares of CARGO Therapeutics by 59.3% in the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after acquiring an additional 7,380 shares in the last quarter. Finally, BNP Paribas Financial Markets increased 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 valued at $211,000 after acquiring an additional 9,311 shares during the last quarter. 93.16% of the stock is currently owned by institutional investors.

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.