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

Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) have earned a consensus recommendation of “Reduce” from the seven research firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $15.00.

CRGX has been the topic of several recent research reports. JPMorgan Chase & Co. downgraded CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday, January 30th. Piper Sandler lowered CARGO Therapeutics from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $34.00 to $4.00 in a research report on Thursday, January 30th. HC Wainwright downgraded shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a report on Thursday, January 30th. Chardan Capital lowered shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday, January 30th. Finally, Truist Financial downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and cut their price objective for the company from $32.00 to $7.00 in a research report on Thursday, January 30th.

CARGO Therapeutics Stock Up 2.2 %

Shares of NASDAQ CRGX opened at $3.77 on Tuesday. The stock’s 50 day moving average price is $10.29 and its two-hundred day moving average price is $15.85. CARGO Therapeutics has a 52-week low of $3.00 and a 52-week high of $33.92. The stock has a market capitalization of $173.53 million, a P/E ratio of -0.88 and a beta of 2.07.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Brooklyn Investment Group acquired a new position in shares of CARGO Therapeutics during the fourth quarter valued at $27,000. MetLife Investment Management LLC increased its holdings in shares of CARGO Therapeutics by 16.2% during the fourth quarter. MetLife Investment Management LLC now owns 23,039 shares of the company’s stock valued at $332,000 after purchasing an additional 3,206 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of CARGO Therapeutics by 31.7% during 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 period. JPMorgan Chase & Co. increased its holdings in shares of CARGO Therapeutics by 27.0% during the fourth quarter. JPMorgan Chase & Co. now owns 19,066 shares of the company’s stock valued at $275,000 after purchasing an additional 4,059 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in shares of CARGO Therapeutics by 29.5% during the fourth quarter. Wells Fargo & Company MN now owns 19,740 shares of the company’s stock valued at $285,000 after purchasing an additional 4,497 shares during the period. 93.16% of the stock is owned by institutional investors and hedge funds.

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.