CARGO Therapeutics (NASDAQ:CRGX) Downgraded by Jefferies Financial Group to “Hold”

Jefferies Financial Group downgraded shares of CARGO Therapeutics (NASDAQ:CRGX) from a buy rating to a hold rating in a report issued on Thursday morning, Marketbeat.com reports. The brokerage currently has $3.00 target price on the stock, down from their prior target price of $32.00.

Other equities research analysts have also issued reports about the company. William Blair lowered CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Thursday. Piper Sandler lowered CARGO Therapeutics from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $34.00 to $4.00 in a research note on Thursday. JPMorgan Chase & Co. downgraded shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research note on Thursday. Truist Financial cut 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 research report on Thursday. Finally, HC Wainwright lowered shares of CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday. One investment 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, CARGO Therapeutics presently has an average rating of “Hold” and a consensus target price of $15.00.

CARGO Therapeutics Trading Down 74.3 %

NASDAQ CRGX opened at $3.39 on Thursday. CARGO Therapeutics has a twelve month low of $3.00 and a twelve month high of $33.92. The firm has a 50-day simple moving average of $14.77 and a 200 day simple moving average of $17.42.

CARGO Therapeutics (NASDAQ:CRGX) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. As a group, sell-side analysts expect that CARGO Therapeutics will post -3.73 earnings per share for the current fiscal year.

Institutional Trading of CARGO Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of CRGX. The Manufacturers Life Insurance Company increased its stake in shares of CARGO Therapeutics by 20.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 159,019 shares of the company’s stock valued at $2,611,000 after buying an additional 26,808 shares during the period. SG Americas Securities LLC bought a new position in CARGO Therapeutics in the third quarter valued at about $234,000. Charles Schwab Investment Management Inc. increased its position in CARGO Therapeutics by 87.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 295,960 shares of the company’s stock worth $5,460,000 after purchasing an additional 138,261 shares during the period. FMR LLC raised its holdings in CARGO Therapeutics by 1.1% during the 3rd quarter. FMR LLC now owns 6,954,476 shares of the company’s stock worth $128,310,000 after purchasing an additional 77,508 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in CARGO Therapeutics by 437.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after purchasing an additional 9,311 shares during the period. Institutional investors and hedge funds own 93.16% of the company’s stock.

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.