Piper Sandler Downgrades CARGO Therapeutics (NASDAQ:CRGX) to Neutral

Piper Sandler lowered shares of CARGO Therapeutics (NASDAQ:CRGX) from an overweight rating to a neutral rating in a research report sent to investors on Thursday morning, Marketbeat reports. Piper Sandler currently has $4.00 price objective on the stock, down from their previous price objective of $34.00.

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

CARGO Therapeutics Stock Down 74.3 %

Shares of CARGO Therapeutics stock opened at $3.39 on Thursday. The company has a fifty day moving average price of $14.77 and a 200 day moving average price of $17.42. CARGO Therapeutics has a twelve month low of $3.00 and a twelve month high of $33.92.

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

Institutional Trading of CARGO Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 during the period. Geode Capital Management LLC boosted its stake in 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 acquiring an additional 374,018 shares during the period. Barclays PLC grew its holdings in shares of CARGO Therapeutics by 226.7% during the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock valued at $1,039,000 after purchasing an additional 39,102 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of CARGO Therapeutics by 59.3% during the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after purchasing an additional 7,380 shares during the period. Finally, State Street Corp lifted its holdings in shares of CARGO Therapeutics by 11.7% in the 3rd 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 last quarter. 93.16% of the stock is owned by institutional investors and hedge funds.

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.