CARGO Therapeutics (NASDAQ:CRGX) Stock Rating Lowered by Chardan Capital

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by equities research 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 equities analysts have also recently issued reports on CRGX. Jefferies Financial Group cut CARGO Therapeutics from a “buy” rating to a “hold” rating and lowered their target price for the stock from $32.00 to $3.00 in a report on Thursday. JPMorgan Chase & Co. lowered shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday. Truist Financial downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and cut their target price for the stock from $32.00 to $7.00 in a research report on Thursday. HC Wainwright cut shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating 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 report on Thursday. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $15.00.

CARGO Therapeutics Price Performance

CRGX stock opened at $13.19 on Thursday. The stock has a market cap of $607.14 million, a price-to-earnings ratio of -3.10 and a beta of 2.50. The company has a 50 day simple moving average of $14.83 and a 200 day simple moving average of $17.45. CARGO Therapeutics has a 1 year low of $10.91 and a 1 year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.14) by $0.26. On average, equities research analysts anticipate that CARGO Therapeutics will post -3.73 EPS for the current fiscal year.

Institutional Investors Weigh In On CARGO Therapeutics

Large investors have recently modified their holdings of the company. FMR LLC boosted its position in CARGO Therapeutics by 1.1% during the third quarter. FMR LLC now owns 6,954,476 shares of the company’s stock valued at $128,310,000 after acquiring an additional 77,508 shares during the last quarter. RTW Investments LP increased its holdings in CARGO Therapeutics by 0.5% in the third quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock worth $75,626,000 after purchasing an additional 20,833 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of CARGO Therapeutics by 1.8% during the 3rd quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock valued at $49,335,000 after acquiring an additional 46,659 shares during the period. Wellington Management Group LLP boosted its stake in 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. Finally, State Street Corp grew its holdings in CARGO Therapeutics by 11.7% in the third quarter. State Street Corp now owns 839,861 shares of the company’s stock worth $15,495,000 after purchasing an additional 88,000 shares during the period. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.