CARGO Therapeutics, Inc. (NASDAQ:CRGX) Receives $15.00 Average Target Price from Brokerages

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) have been given an average recommendation of “Reduce” by the seven brokerages that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation and six have assigned a hold recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $15.40.

Separately, Jefferies Financial Group lifted their target price on shares of CARGO Therapeutics from $3.70 to $5.00 and gave the company a “hold” rating in a report on Tuesday, July 8th.

CARGO Therapeutics Stock Performance

CARGO Therapeutics stock opened at $4.59 on Tuesday. The company has a market capitalization of $211.64 million, a P/E ratio of -0.99 and a beta of 0.28. CARGO Therapeutics has a fifty-two week low of $3.00 and a fifty-two week high of $25.45. The stock has a 50-day simple moving average of $4.29 and a 200-day simple moving average of $5.64.

Hedge Funds Weigh In On CARGO Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRGX. Swiss National Bank grew its holdings in shares of CARGO Therapeutics by 17.2% in the 4th quarter. Swiss National Bank now owns 36,100 shares of the company’s stock worth $521,000 after acquiring an additional 5,300 shares during the period. Intech Investment Management LLC acquired a new stake in shares of CARGO Therapeutics in the 4th quarter worth approximately $181,000. American Century Companies Inc. acquired a new stake in shares of CARGO Therapeutics in the 4th quarter worth approximately $474,000. Vanguard Group Inc. grew its holdings in shares of CARGO Therapeutics by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 2,084,515 shares of the company’s stock worth $30,059,000 after acquiring an additional 22,286 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of CARGO Therapeutics by 27.0% in the 4th quarter. JPMorgan Chase & Co. now owns 19,066 shares of the company’s stock worth $275,000 after acquiring an additional 4,059 shares during the period. Institutional investors and hedge funds own 93.16% of the company’s stock.

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.