CARGO Therapeutics (NASDAQ:CRGX) Trading Down 6.9%

CARGO Therapeutics, Inc. (NASDAQ:CRGX)’s stock price fell 6.9% during trading on Monday . The stock traded as low as $16.58 and last traded at $16.72. 49,482 shares were traded during mid-day trading, a decline of 80% from the average session volume of 245,269 shares. The stock had previously closed at $17.95.

Analyst Ratings Changes

Several research firms recently commented on CRGX. Chardan Capital began coverage on CARGO Therapeutics in a research note on Monday, July 8th. They issued a “buy” rating and a $28.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $33.00 price target on shares of CARGO Therapeutics in a research note on Tuesday, August 13th. Truist Financial reiterated a “buy” rating and issued a $32.00 price target (down previously from $34.00) on shares of CARGO Therapeutics in a research note on Thursday, May 16th. Finally, Piper Sandler cut their price objective on CARGO Therapeutics from $37.00 to $34.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, CARGO Therapeutics presently has an average rating of “Buy” and an average price target of $30.33.

CARGO Therapeutics Trading Up 1.3 %

The company has a 50 day simple moving average of $16.30 and a 200-day simple moving average of $19.77.

Insider Transactions at CARGO Therapeutics

In related news, major shareholder Samsara Biocapital Gp, Llc purchased 294,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were acquired at an average cost of $17.00 per share, for a total transaction of $4,998,000.00. Following the transaction, the insider now owns 4,415,689 shares of the company’s stock, valued at $75,066,713. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.38% of the company’s stock.

Institutional Trading of CARGO Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Novo Holdings A S raised its position in shares of CARGO Therapeutics by 23.5% during the 2nd quarter. Novo Holdings A S now owns 1,544,000 shares of the company’s stock worth $25,352,000 after purchasing an additional 294,000 shares during the period. Perceptive Advisors LLC grew its holdings in CARGO Therapeutics by 6.8% in the 2nd quarter. Perceptive Advisors LLC now owns 3,683,004 shares of the company’s stock worth $60,475,000 after buying an additional 235,000 shares in the last quarter. CVI Holdings LLC bought a new position in CARGO Therapeutics in the 2nd quarter worth approximately $1,149,000. The Manufacturers Life Insurance Company grew its holdings in CARGO Therapeutics by 20.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 159,019 shares of the company’s stock worth $2,611,000 after buying an additional 26,808 shares in the last quarter. Finally, Yu Fan bought a new position in CARGO Therapeutics in the 2nd quarter worth approximately $14,975,000. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.