CARGO Therapeutics (NASDAQ:CRGX) Rating Lowered to Underweight at JPMorgan Chase & Co.

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by equities research analysts at JPMorgan Chase & Co. from an “overweight” rating to an “underweight” rating in a report released on Thursday, MarketBeat.com reports.

CRGX has been the subject of several other research reports. Chardan Capital reissued a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a report on Wednesday, November 13th. Truist Financial cut CARGO Therapeutics from a “buy” rating to a “hold” rating and reduced their price target for the company from $32.00 to $7.00 in a research report on Thursday. HC Wainwright lowered CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday. Finally, William Blair initiated coverage on shares of CARGO Therapeutics in a report on Tuesday, November 26th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.00.

CARGO Therapeutics Trading Up 6.2 %

CRGX opened at $3.60 on Thursday. CARGO Therapeutics has a 12-month low of $3.00 and a 12-month high of $33.92. The firm has a 50 day moving average of $14.53 and a two-hundred day moving average of $17.33. The firm has a market capitalization of $165.70 million, a PE ratio of -0.85 and a beta of 2.50.

CARGO Therapeutics (NASDAQ:CRGX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.14) by $0.26. As a group, analysts predict that CARGO Therapeutics will post -3.73 EPS for the current fiscal year.

Institutional Trading of CARGO Therapeutics

Institutional investors have recently bought and sold shares of the business. Brooklyn Investment Group acquired a new position in shares of CARGO Therapeutics during the 4th quarter worth approximately $27,000. China Universal Asset Management Co. Ltd. acquired a new stake in CARGO Therapeutics in the 4th quarter valued at $141,000. BNP Paribas Financial Markets increased its holdings in CARGO Therapeutics by 437.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock worth $211,000 after acquiring an additional 9,311 shares in the last quarter. SG Americas Securities LLC acquired a new position in CARGO Therapeutics during the third quarter worth $234,000. Finally, JPMorgan Chase & Co. lifted its holdings in CARGO Therapeutics by 74.9% during the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock valued at $277,000 after purchasing an additional 6,426 shares in the last quarter. 93.16% of the stock is 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.