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

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) have been given a consensus recommendation of “Reduce” by the seven ratings firms that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation and six have issued a hold recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $15.00.

Several analysts have commented on CRGX shares. Piper Sandler downgraded CARGO Therapeutics from an “overweight” rating to a “neutral” rating and cut their target price for the company from $34.00 to $4.00 in a research note on Thursday, January 30th. William Blair downgraded CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 30th. Jefferies Financial Group downgraded CARGO Therapeutics from a “buy” rating to a “hold” rating and cut their target price for the company from $32.00 to $3.00 in a research note on Thursday, January 30th. JPMorgan Chase & Co. downgraded CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research note on Thursday, January 30th. Finally, HC Wainwright downgraded CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday, January 30th.

CARGO Therapeutics Trading Up 9.2 %

Shares of CRGX opened at $4.15 on Friday. The business’s fifty day simple moving average is $6.51 and its two-hundred day simple moving average is $14.28. CARGO Therapeutics has a 12 month low of $3.00 and a 12 month high of $28.13. The company has a market cap of $191.12 million, a price-to-earnings ratio of -0.97 and a beta of 1.65.

Hedge Funds Weigh In On CARGO Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of CRGX. Charles Schwab Investment Management Inc. lifted its position in CARGO Therapeutics by 87.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company’s stock valued at $5,460,000 after purchasing an additional 138,261 shares in the last quarter. Geode Capital Management LLC lifted its position in CARGO Therapeutics by 80.6% during the third quarter. Geode Capital Management LLC now owns 838,279 shares of the company’s stock valued at $15,469,000 after purchasing an additional 374,018 shares in the last quarter. Barclays PLC lifted its position in 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. MetLife Investment Management LLC lifted its position in CARGO Therapeutics by 59.3% during the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock valued at $366,000 after purchasing an additional 7,380 shares in the last quarter. Finally, State Street Corp lifted its position in 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 purchasing an additional 88,000 shares in the last quarter. 93.16% of the stock is currently 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.