CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 3.2%

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s stock price was down 3.2% during mid-day trading on Wednesday . The stock traded as low as $19.13 and last traded at $19.37. Approximately 25,864 shares changed hands during trading, a decline of 91% from the average daily volume of 277,271 shares. The stock had previously closed at $20.00.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group increased their price target on CARGO Therapeutics from $28.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, March 22nd.

CARGO Therapeutics Stock Performance

The business has a 50 day moving average price of $24.13.

CARGO Therapeutics (NASDAQ:CRGX) last issued its earnings results on Thursday, March 21st. The company reported ($1.49) EPS for the quarter, topping analysts’ consensus estimates of ($1.62) by $0.13. On average, analysts predict that CARGO Therapeutics, Inc. will post -5.6 earnings per share for the current year.

Institutional Investors Weigh In On CARGO Therapeutics

Several hedge funds have recently made changes to their positions in CRGX. Legal & General Group Plc bought a new stake in shares of CARGO Therapeutics in the fourth quarter valued at about $232,000. Goldman Sachs Group Inc. purchased a new position in CARGO Therapeutics during the 4th quarter valued at about $287,000. Northern Trust Corp purchased a new stake in shares of CARGO Therapeutics in the 4th quarter worth approximately $877,000. Norges Bank bought a new position in shares of CARGO Therapeutics during the fourth quarter valued at approximately $1,130,000. Finally, Sphera Funds Management LTD. purchased a new position in CARGO Therapeutics during the fourth quarter valued at approximately $1,736,000. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

About CARGO Therapeutics

CARGO Therapeutics, Inc, a clinical-stage biotechnology company, develops chimeric antigen receptor (CAR) T-cell therapies for cancer patients in the Unites States. The company's lead program is CRG-022, an autologous CD22 CAR T-cell product candidate, which is in phase 2 trails, designed to address resistance mechanisms by targeting CD22, an alternate tumor antigen that is expressed in B-cell malignancies.