CARGO Therapeutics (NASDAQ:CRGX) Experiences 6.2% Decline – What Lies Ahead?

On December 30th, 2024, shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) saw a significant drop of 6.2% during trading. The stock hit a low of $13.21 before ultimately trading at $13.27. Throughout the mid-day session, a total of 26,845 shares were exchanged, showcasing a remarkable decline of approximately 90% compared to the average trading volume of 258,737 shares. The previous closing price of the stock was $14.14.

Analysts Predict Positive Growth

Many analysts on Wall Street have provided their insights regarding CARGO Therapeutics. Notably, William Blair commenced its coverage of the company on November 26th, rating it as “outperform.” Another positive viewpoint came from HC Wainwright, who reaffirmed a “buy” rating while also setting a price target of $33.00 in their report dated November 15th. Furthermore, Chardan Capital reiterated a “buy” rating with a price target of $28.00 on November 13th. According to MarketBeat data, six analysts have rated the stock with a “buy” designation, leading to an average rating of “Buy” and an overall consensus price target of $31.80.

CARGO Therapeutics Stock Movement

The stock has recently displayed a fifty-day simple moving average of $17.80 and a two-hundred-day simple moving average of $17.83. It currently boasts a market capitalization of $635.19 million alongside a PE ratio of -3.24. The latest quarterly earnings results announced by CARGO Therapeutics were on November 12th, where the company reported an earnings per share (EPS) of ($0.88), surpassing the consensus estimate of ($1.14) by $0.26. Analysts project that for the current fiscal year, the EPS will be approximately -3.73.

Institutional Investors' Activity

There have been numerous adjustments from institutional investors regarding their positions in CARGO Therapeutics. BNP Paribas Financial Markets significantly raised its stake by an impressive 437.8% during the third quarter, accumulating a total of 11,438 shares now valued at $211,000 following an additional purchase of 9,311 shares. SG Americas Securities also acquired a new stake in CARGO Therapeutics, estimated at about $234,000 during the same period. Additionally, JPMorgan Chase & Co. increased its holdings by 74.9%, now owning 15,007 shares valued at $277,000 after acquiring an extra 6,426 shares. MetLife Investment Management LLC also augmented its shares by 59.3% during the third quarter, now holding 19,833 shares valued at $366,000. Lastly, Rhumbline Advisers raised its stake by 14.0% during the second quarter, owning 30,639 shares valued at $503,000. It is noteworthy that institutional investors and hedge funds collectively own 93.16% of the company’s stock.

Company Overview

CARGO Therapeutics, Inc. is a clinical-stage biotechnology firm focused on developing chimeric antigen receptor (CAR) T-cell therapies aimed at helping cancer patients. Its primary program, CRG-022, features an autologous CD22 CAR T-cell product designed to tackle resistance mechanisms by concentrating on CD22, an alternative tumor antigen present in B-cell malignancies.

CARGO, Therapeutics, Stock