CARGO Therapeutics (NASDAQ:CRGX) Stock Price Down 3%

CARGO Therapeutics, Inc. (NASDAQ:CRGX) was down 3% during mid-day trading on Wednesday . The stock traded as low as $23.06 and last traded at $23.12. Approximately 20,620 shares changed hands during trading, a decline of 93% from the average daily volume of 296,500 shares. The stock had previously closed at $23.83.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CRGX shares. Jefferies Financial Group increased their target price on CARGO Therapeutics from $28.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. TD Cowen initiated coverage on CARGO Therapeutics in a report on Tuesday, December 5th. They set an “outperform” rating for the company. Truist Financial initiated coverage on CARGO Therapeutics in a report on Tuesday, December 5th. They set a “buy” rating and a $34.00 price objective for the company. Finally, JPMorgan Chase & Co. initiated coverage on CARGO Therapeutics in a report on Tuesday, December 5th. They set an “overweight” rating and a $23.00 price objective for the company.

CARGO Therapeutics Stock Down 0.4 %

The company’s fifty day simple moving average is $24.48.

Hedge Funds Weigh In On CARGO Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citadel Advisors LLC purchased a new position in CARGO Therapeutics in the 4th quarter worth $4,558,000. Charles Schwab Investment Management Inc. purchased a new position in CARGO Therapeutics in the 4th quarter worth $2,556,000. The Manufacturers Life Insurance Company purchased a new position in CARGO Therapeutics in the 4th quarter worth $1,810,000. Sphera Funds Management LTD. purchased a new position in CARGO Therapeutics in the 4th quarter worth $1,736,000. Finally, Norges Bank purchased a new position in shares of CARGO Therapeutics during the 4th quarter valued at about $1,130,000. Hedge funds and other institutional investors own 93.16% of the company’s stock.

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.