CARGO Therapeutics (NASDAQ:CRGX) Downgraded to Neutral Rating by Chardan Capital

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by stock analysts at Chardan Capital from a “buy” rating to a “neutral” rating in a research note issued to investors on Thursday, MarketBeat Ratings reports.

A number of other brokerages also recently issued reports on CRGX. Jefferies Financial Group downgraded CARGO Therapeutics from a “buy” rating to a “hold” rating and reduced their price objective for the company from $32.00 to $3.00 in a research note on Thursday. JPMorgan Chase & Co. lowered shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research report on Thursday. HC Wainwright lowered shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday. Truist Financial downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and reduced their target price for the company from $32.00 to $7.00 in a research report on Thursday. Finally, William Blair lowered shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $15.00.

CARGO Therapeutics Stock Performance

CARGO Therapeutics stock opened at $3.60 on Thursday. CARGO Therapeutics has a fifty-two week low of $3.00 and a fifty-two week high of $33.92. The firm’s 50-day simple moving average is $14.53 and its 200 day simple moving average is $17.33. The stock has a market cap of $165.70 million, a PE ratio of -0.85 and a beta of 2.50.

CARGO Therapeutics (NASDAQ:CRGX) last posted its earnings results on Tuesday, November 12th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($1.14) by $0.26. As a group, analysts predict that CARGO Therapeutics will post -3.73 EPS for the current fiscal year.

Hedge Funds Weigh In On CARGO Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its position 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 purchasing an additional 374,018 shares during the period. Sio Capital Management LLC purchased a new position in CARGO Therapeutics in the 3rd quarter valued at approximately $3,208,000. Charles Schwab Investment Management Inc. grew its stake in CARGO Therapeutics by 87.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company’s stock valued at $5,460,000 after buying an additional 138,261 shares in the last quarter. State Street Corp raised its holdings 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 acquiring an additional 88,000 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of CARGO Therapeutics by 4.1% during the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock worth $37,688,000 after acquiring an additional 79,782 shares in the last quarter. 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.