CARGO Therapeutics (NASDAQ:CRGX) Cut to Market Perform at William Blair

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by research analysts at William Blair from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, MarketBeat Ratings reports.

Several other brokerages also recently weighed in on CRGX. Truist Financial downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and dropped their target price for the stock from $32.00 to $7.00 in a report on Thursday. JPMorgan Chase & Co. cut CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research report on Thursday. Chardan Capital reissued a “buy” rating and issued a $28.00 price target on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Finally, HC Wainwright lowered shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $15.00.

CARGO Therapeutics Stock Down 3.4 %

Shares of CRGX opened at $13.19 on Thursday. The business has a 50-day simple moving average of $14.83 and a two-hundred day simple moving average of $17.45. CARGO Therapeutics has a 52 week low of $10.91 and a 52 week high of $33.92. The stock has a market cap of $607.14 million, a price-to-earnings ratio of -3.10 and a beta of 2.50.

CARGO Therapeutics (NASDAQ:CRGX) last released its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.14) by $0.26. On average, equities analysts anticipate that CARGO Therapeutics will post -3.73 earnings per share for the current fiscal year.

Institutional Trading of CARGO Therapeutics

A number of large investors have recently made changes to their positions in the business. Brooklyn Investment Group purchased a new position in CARGO Therapeutics in the fourth quarter worth about $27,000. JPMorgan Chase & Co. lifted its stake 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. MetLife Investment Management LLC lifted its stake in shares of CARGO Therapeutics by 59.3% in the 3rd 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 during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of 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 during the period. Finally, China Universal Asset Management Co. Ltd. bought a new position in shares of CARGO Therapeutics during the 4th quarter valued at approximately $141,000. 93.16% of the stock is currently owned by 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.