CARGO Therapeutics (NASDAQ:CRGX) Downgraded by Jefferies Financial Group to Hold

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by equities research analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research report issued on Thursday, MarketBeat.com reports. They presently have a $3.00 price target on the stock, down from their previous price target of $32.00. Jefferies Financial Group’s target price suggests a potential downside of 77.26% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Chardan Capital reissued a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. JPMorgan Chase & Co. cut shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research report on Thursday. William Blair lowered CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Thursday. Piper Sandler lowered shares of CARGO Therapeutics from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $34.00 to $4.00 in a research note on Thursday. Finally, Truist Financial cut CARGO Therapeutics from a “buy” rating to a “hold” rating and lowered their target price for the stock from $32.00 to $7.00 in a research note on Thursday. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat, CARGO Therapeutics has an average rating of “Hold” and a consensus price target of $15.00.

CARGO Therapeutics Price Performance

Shares of NASDAQ:CRGX opened at $13.19 on Thursday. The firm has a market capitalization of $607.14 million, a price-to-earnings ratio of -3.10 and a beta of 2.50. The business’s 50 day moving average price is $14.83 and its 200-day moving average price is $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 earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.14) by $0.26. On average, sell-side analysts expect that CARGO Therapeutics will post -3.73 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Brooklyn Investment Group purchased a new position in shares of CARGO Therapeutics in the 4th quarter valued at $27,000. China Universal Asset Management Co. Ltd. acquired a new position in CARGO Therapeutics in the fourth quarter valued at $141,000. BNP Paribas Financial Markets grew its holdings in shares of CARGO Therapeutics by 437.8% during the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after purchasing an additional 9,311 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of CARGO Therapeutics during the third quarter worth about $234,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of CARGO Therapeutics by 74.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after purchasing an additional 6,426 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.