CARGO Therapeutics (NASDAQ:CRGX) Downgraded by Chardan Capital to “Neutral”

Chardan Capital lowered shares of CARGO Therapeutics (NASDAQ:CRGX) from a buy rating to a neutral rating in a research report released on Thursday, MarketBeat.com reports.

CRGX has been the subject of a number of other reports. HC Wainwright cut shares of CARGO Therapeutics from a “buy” rating to a “neutral” 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 lowered CARGO Therapeutics from a “buy” rating to a “hold” rating and cut their price target for the stock from $32.00 to $7.00 in a report on Thursday. Jefferies Financial Group downgraded CARGO Therapeutics from a “buy” rating to a “hold” rating and decreased their price objective for the company from $32.00 to $3.00 in a report on Thursday. Finally, Piper Sandler cut CARGO Therapeutics from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $34.00 to $4.00 in a report on Thursday. One investment 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 presently has a consensus rating of “Hold” and an average price target of $15.00.

CARGO Therapeutics Trading Down 74.3 %

Shares of CARGO Therapeutics stock opened at $3.39 on Thursday. The business has a 50-day moving average price of $14.77 and a two-hundred day moving average price of $17.42. CARGO Therapeutics has a 1-year low of $3.00 and a 1-year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. On average, sell-side analysts forecast that CARGO Therapeutics will post -3.73 earnings per share for the current year.

Institutional Investors Weigh In On CARGO Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of CRGX. Brooklyn Investment Group bought a new stake in shares of CARGO Therapeutics in the 4th quarter worth $27,000. China Universal Asset Management Co. Ltd. purchased a new position in CARGO Therapeutics during the fourth quarter worth about $141,000. BNP Paribas Financial Markets grew its position 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 purchasing an additional 9,311 shares in the last quarter. SG Americas Securities LLC purchased a new stake in CARGO Therapeutics in the 3rd quarter valued at about $234,000. Finally, JPMorgan Chase & Co. increased its stake in 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 buying an additional 6,426 shares during the last quarter. 93.16% of the stock is owned by hedge funds and other institutional investors.

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.