CARGO Therapeutics, Inc. (NASDAQ:CRGX) Given Average Recommendation of “Reduce” by Analysts

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) have received an average rating of “Reduce” from the seven research firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $15.00.

A number of equities analysts have issued reports on CRGX shares. JPMorgan Chase & Co. downgraded CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday, January 30th. Chardan Capital lowered shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday, January 30th. William Blair lowered shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 30th. Truist Financial downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and decreased their target price for the company from $32.00 to $7.00 in a research note on Thursday, January 30th. Finally, HC Wainwright cut CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday, January 30th.

Institutional Investors Weigh In On CARGO Therapeutics

Institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its holdings 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 worth $5,460,000 after acquiring an additional 138,261 shares during the last quarter. Geode Capital Management LLC raised 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 worth $15,469,000 after purchasing an additional 374,018 shares during the last quarter. Barclays PLC lifted 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 in the last quarter. State Street Corp boosted its position in shares of CARGO Therapeutics by 11.7% during the third quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after buying an additional 88,000 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in CARGO Therapeutics by 437.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after buying an additional 9,311 shares in the last quarter. Hedge funds and other institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Stock Performance

CRGX stock opened at $4.55 on Wednesday. CARGO Therapeutics has a fifty-two week low of $3.00 and a fifty-two week high of $25.45. The company has a market capitalization of $209.54 million, a price-to-earnings ratio of -1.07 and a beta of 0.66. The business’s 50 day moving average price is $3.95 and its two-hundred day moving average price is $11.89.

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.