CARGO Therapeutics (NASDAQ:CRGX) Cut to Neutral at Chardan Capital

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by equities researchers at Chardan Capital from a “buy” rating to a “neutral” rating in a research report issued on Thursday, MarketBeat reports.

Several other brokerages also recently issued reports on CRGX. Jefferies Financial Group downgraded CARGO Therapeutics from a “buy” rating to a “hold” rating and decreased their price target for the stock from $32.00 to $3.00 in a report on Thursday. Piper Sandler downgraded shares of CARGO Therapeutics from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $34.00 to $4.00 in a report on Thursday. Truist Financial downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $32.00 to $7.00 in a research report on Thursday. William Blair cut shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. lowered CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat.com, CARGO Therapeutics presently has a consensus rating of “Hold” and a consensus target price of $15.00.

CARGO Therapeutics Trading Down 3.4 %

CARGO Therapeutics stock opened at $13.19 on Thursday. The firm has a market capitalization of $607.14 million, a price-to-earnings ratio of -3.10 and a beta of 2.50. The firm’s fifty day moving average price is $14.83 and its two-hundred day moving average price is $17.45. CARGO Therapeutics has a 1-year low of $10.91 and a 1-year high of $33.92.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its holdings in CARGO Therapeutics by 87.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company’s stock worth $5,460,000 after acquiring an additional 138,261 shares during the last quarter. Geode Capital Management LLC boosted 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 worth $15,469,000 after purchasing an additional 374,018 shares during the period. Barclays PLC increased its stake in shares of CARGO Therapeutics by 226.7% in the third quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after purchasing an additional 39,102 shares in the last quarter. MetLife Investment Management LLC raised its position in shares of CARGO Therapeutics by 59.3% in 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 during the period. Finally, State Street Corp lifted its stake in shares of CARGO Therapeutics by 11.7% during the 3rd quarter. State Street Corp now owns 839,861 shares of the company’s stock valued at $15,495,000 after buying an additional 88,000 shares in the last quarter. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

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.