Tang Capital Management LLC Cuts Stock Position in CARGO Therapeutics, Inc. (NASDAQ:CRGX)

Tang Capital Management LLC lowered its holdings in CARGO Therapeutics, Inc. (NASDAQ:CRGX - Free Report) by 8.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 640,000 shares of the company's stock after selling 60,749 shares during the quarter. Tang Capital Management LLC owned approximately 1.39% of CARGO Therapeutics worth $9,229,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CRGX. Brooklyn Investment Group purchased a new position in shares of CARGO Therapeutics in the 4th quarter valued at approximately $27,000. Tower Research Capital LLC TRC lifted its stake in shares of CARGO Therapeutics by 565.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,800 shares of the company's stock valued at $84,000 after purchasing an additional 4,929 shares during the period. China Universal Asset Management Co. Ltd. purchased a new position in shares of CARGO Therapeutics in the 4th quarter valued at approximately $141,000. Invesco Ltd. purchased a new position in shares of CARGO Therapeutics in the 4th quarter valued at approximately $165,000. Finally, ProShare Advisors LLC purchased a new position in shares of CARGO Therapeutics in the 4th quarter valued at approximately $171,000. Hedge funds and other institutional investors own 93.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CRGX. Truist Financial cut CARGO Therapeutics from a "buy" rating to a "hold" rating and lowered their target price for the company from $32.00 to $7.00 in a research note on Thursday, January 30th. Jefferies Financial Group cut CARGO Therapeutics from a "buy" rating to a "hold" rating and lowered their target price for the company from $32.00 to $3.00 in a research note on Thursday, January 30th. HC Wainwright cut CARGO Therapeutics from a "buy" rating to a "neutral" rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. cut CARGO Therapeutics from an "overweight" rating to an "underweight" rating in a research note on Thursday, January 30th. Finally, Piper Sandler cut CARGO Therapeutics from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $34.00 to $4.00 in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $15.00.

CARGO Therapeutics Stock Down 1.0%

NASDAQ CRGX traded down $0.04 during trading hours on Wednesday, hitting $4.06. 513,537 shares of the company were exchanged, compared to its average volume of 536,834. The stock has a 50-day moving average price of $4.22 and a 200 day moving average price of $9.14. CARGO Therapeutics, Inc. has a 52 week low of $3.00 and a 52 week high of $25.45. The stock has a market cap of $187.21 million, a PE ratio of -0.95 and a beta of 0.47.

CARGO Therapeutics 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.