CARGO Therapeutics (NASDAQ:CRGX) Cut to “Market Perform” at William Blair

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by research analysts at William Blair from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday, Marketbeat reports.

CRGX has been the subject of a number of other research reports. Truist Financial downgraded CARGO Therapeutics from a “buy” rating to a “hold” rating and lowered their price target for the company from $32.00 to $7.00 in a research report on Thursday. Chardan Capital reiterated a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a report on Wednesday, November 13th. HC Wainwright lowered shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday. Finally, JPMorgan Chase & Co. downgraded shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $15.00.

CARGO Therapeutics Price Performance

Shares of CRGX stock opened at $3.60 on Thursday. The firm’s 50-day simple moving average is $14.53 and its 200-day simple moving average is $17.33. CARGO Therapeutics has a 1-year low of $3.00 and a 1-year high of $33.92. The firm has a market cap of $165.70 million, a P/E ratio of -0.85 and a beta of 2.50.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. Analysts expect that CARGO Therapeutics will post -3.73 earnings per share for the current fiscal year.

Institutional Trading of CARGO Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Brooklyn Investment Group acquired a new stake in CARGO Therapeutics during the 4th quarter valued at $27,000. China Universal Asset Management Co. Ltd. purchased a new position in CARGO Therapeutics in the 4th quarter valued at about $141,000. BNP Paribas Financial Markets grew its stake in shares of CARGO Therapeutics by 437.8% during the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after acquiring an additional 9,311 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of CARGO Therapeutics during the third quarter worth about $234,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of CARGO Therapeutics by 74.9% in the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after acquiring an additional 6,426 shares in the last quarter. 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.