JPMorgan Chase & Co. Acquires 6,426 Shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX)

JPMorgan Chase & Co. increased its holdings in shares of CARGO Therapeutics, Inc. (NASDAQ:CRGX) by 74.9% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,007 shares of the company’s stock after purchasing an additional 6,426 shares during the quarter. JPMorgan Chase & Co.’s holdings in CARGO Therapeutics were worth $277,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. BNP Paribas Financial Markets lifted its stake in CARGO Therapeutics by 437.8% in the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after buying an additional 9,311 shares in the last quarter. SG Americas Securities LLC bought a new stake in CARGO Therapeutics in the 3rd quarter valued at $234,000. MetLife Investment Management LLC boosted its stake in CARGO Therapeutics by 59.3% in the 3rd quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after purchasing an additional 7,380 shares during the period. Barclays PLC boosted its stake in CARGO Therapeutics by 226.7% in the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after purchasing an additional 39,102 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in CARGO Therapeutics by 20.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 159,019 shares of the company’s stock worth $2,611,000 after purchasing an additional 26,808 shares in the last quarter. 93.16% of the stock is owned by institutional investors.

CARGO Therapeutics Stock Down 74.3 %

Shares of CARGO Therapeutics stock opened at $3.39 on Friday. The stock has a market cap of $156.04 million, a P/E ratio of -0.80 and a beta of 2.50. CARGO Therapeutics, Inc. has a 12-month low of $3.00 and a 12-month high of $33.92. The business’s 50 day moving average is $14.77 and its 200-day moving average is $17.42.

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Piper Sandler lowered CARGO Therapeutics from an “overweight” rating to a “neutral” rating and cut their price target for the company from $34.00 to $4.00 in a report on Thursday. Truist Financial cut CARGO Therapeutics from a “buy” rating to a “hold” rating and cut their target price for the company from $32.00 to $7.00 in a research note on Thursday. William Blair cut shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Thursday. JPMorgan Chase & Co. downgraded shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday. Finally, Jefferies Financial Group cut shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and reduced their target price for the stock from $32.00 to $3.00 in a report on Thursday. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat, CARGO Therapeutics has an average rating of “Hold” and an average target price of $15.00.

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.