Fmr LLC Acquires 7,556 Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX)

Fmr LLC raised its stake in shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) by 0.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,962,032 shares of the company’s stock after purchasing an additional 7,556 shares during the period. Fmr LLC owned 0.15% of CARGO Therapeutics worth $100,393,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC increased its stake in shares of CARGO Therapeutics by 80.6% in the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock valued at $15,469,000 after buying an additional 374,018 shares during the period. Wellington Management Group LLP boosted its holdings in CARGO Therapeutics by 7.2% in the fourth quarter. Wellington Management Group LLP now owns 2,190,811 shares of the company’s stock valued at $31,591,000 after acquiring an additional 148,088 shares during the last quarter. State Street Corp increased its position in CARGO Therapeutics by 11.7% during the 3rd quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after purchasing an additional 88,000 shares during the period. abrdn plc bought a new position in CARGO Therapeutics during the 4th quarter worth approximately $593,000. Finally, Barclays PLC lifted its position in shares of CARGO Therapeutics by 226.7% in the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after purchasing an additional 39,102 shares during the period. 93.16% of the stock is owned by institutional investors and hedge funds.

CARGO Therapeutics Price Performance

Shares of CARGO Therapeutics stock opened at $4.46 on Tuesday. The business has a 50-day simple moving average of $3.94 and a 200 day simple moving average of $11.94. The firm has a market capitalization of $205.39 million, a price-to-earnings ratio of -1.05 and a beta of 0.66. CARGO Therapeutics, Inc. has a one year low of $3.00 and a one year high of $25.45.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Truist Financial downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and lowered their target price for the stock from $32.00 to $7.00 in a research note on Thursday, January 30th. Chardan Capital lowered CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. lowered CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research report on Thursday, January 30th. William Blair downgraded CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a report on Thursday, January 30th. Finally, Jefferies Financial Group cut CARGO Therapeutics from a “buy” rating to a “hold” rating and cut their price target for the stock from $32.00 to $3.00 in a report on Thursday, January 30th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat.com, CARGO Therapeutics has an average rating of “Hold” and an average target price of $15.00.

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.