CARGO Therapeutics (NASDAQ:CRGX) Rating Lowered to Hold at Jefferies Financial Group

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by Jefferies Financial Group from a “buy” rating to a “hold” rating in a research note issued on Thursday, Marketbeat.com reports. They presently have a $3.00 price target on the stock, down from their previous price target of $32.00. Jefferies Financial Group’s price objective suggests a potential downside of 16.67% from the company’s previous close.

Several other brokerages also recently commented on CRGX. William Blair downgraded shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a report on Thursday. JPMorgan Chase & Co. lowered shares of CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a report on Thursday. Truist Financial lowered shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and reduced their target price for the stock from $32.00 to $7.00 in a research note on Thursday. HC Wainwright downgraded CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday. Finally, Chardan Capital reiterated a “buy” rating and set a $28.00 price objective on shares of CARGO Therapeutics in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $15.00.

CARGO Therapeutics Stock Up 6.2 %

Shares of CRGX stock opened at $3.60 on Thursday. The firm has a market capitalization of $165.70 million, a price-to-earnings ratio of -0.85 and a beta of 2.50. CARGO Therapeutics has a 12-month low of $3.00 and a 12-month high of $33.92. The firm has a fifty day moving average of $14.53 and a 200-day moving average of $17.33.

CARGO Therapeutics (NASDAQ:CRGX) last posted its earnings results 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. Research analysts expect that CARGO Therapeutics will post -3.73 earnings per share for the current year.

Hedge Funds Weigh In On CARGO Therapeutics

A number of large investors have recently modified their holdings of the business. Brooklyn Investment Group acquired a new stake in shares of CARGO Therapeutics in the fourth quarter valued at about $27,000. China Universal Asset Management Co. Ltd. bought a new position in CARGO Therapeutics in the fourth quarter valued at approximately $141,000. BNP Paribas Financial Markets grew 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 purchasing an additional 9,311 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of CARGO Therapeutics during the 3rd quarter worth approximately $234,000. Finally, JPMorgan Chase & Co. raised its stake in shares of CARGO Therapeutics by 74.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after purchasing an additional 6,426 shares in the last quarter. 93.16% of the stock is currently owned by institutional investors and hedge funds.

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.