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

CARGO Therapeutics, Inc. (NASDAQ:CRGX) has been given an average rating of “Reduce” by the seven research firms that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $15.00.

A number of brokerages have recently commented on CRGX. Jefferies Financial Group cut CARGO Therapeutics from a “buy” rating to a “hold” rating and lowered their price target for the company from $32.00 to $3.00 in a research note on Thursday, January 30th. Piper Sandler downgraded CARGO Therapeutics from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $34.00 to $4.00 in a report on Thursday, January 30th. Truist Financial lowered CARGO Therapeutics from a “buy” rating to a “hold” rating and dropped their price target for the stock from $32.00 to $7.00 in a research report on Thursday, January 30th. JPMorgan Chase & Co. lowered CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research report on Thursday, January 30th. Finally, HC Wainwright downgraded shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday, January 30th.

Institutional Investors Weigh In On CARGO Therapeutics

Several institutional investors have recently bought and sold shares of CRGX. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of CARGO Therapeutics by 31.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 14,832 shares of the company’s stock valued at $214,000 after purchasing an additional 3,570 shares during the last quarter. RTW Investments LP boosted its stake in shares of CARGO Therapeutics by 0.6% during the 4th quarter. RTW Investments LP now owns 4,124,859 shares of the company’s stock worth $59,480,000 after buying an additional 25,904 shares during the last quarter. Rafferty Asset Management LLC grew its holdings in shares of CARGO Therapeutics by 18.7% in the 4th quarter. Rafferty Asset Management LLC now owns 32,812 shares of the company’s stock valued at $473,000 after acquiring an additional 5,161 shares in the last quarter. Red Tree Management LLC acquired a new stake in shares of CARGO Therapeutics in the fourth quarter valued at about $30,293,000. Finally, ProShare Advisors LLC bought a new stake in CARGO Therapeutics during the fourth quarter worth about $171,000. Institutional investors own 93.16% of the company’s stock.

CARGO Therapeutics Stock Down 0.2 %

Shares of CARGO Therapeutics stock opened at $4.18 on Friday. CARGO Therapeutics has a 12 month low of $3.00 and a 12 month high of $27.96. The business has a fifty day simple moving average of $6.13 and a 200 day simple moving average of $14.10. The stock has a market cap of $192.50 million, a PE ratio of -0.98 and a beta of 1.65.

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.