CARGO Therapeutics (NASDAQ:CRGX) Stock Rating Lowered by William Blair

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by equities research analysts at William Blair from an “outperform” rating to a “market perform” rating in a research report issued on Thursday, MarketBeat reports.

A number of other research analysts have also recently issued reports on the stock. Truist Financial cut shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and dropped their target price for the company from $32.00 to $7.00 in a report on Thursday. Chardan Capital reaffirmed a “buy” rating and set a $28.00 price objective on shares of CARGO Therapeutics in a report on Wednesday, November 13th. JPMorgan Chase & Co. downgraded CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research report on Thursday. Finally, HC Wainwright cut CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research report on Thursday. One research 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, the stock has an average rating of “Hold” and a consensus target price of $15.00.

CARGO Therapeutics Price Performance

Shares of CRGX stock opened at $3.60 on Thursday. The business’s fifty day moving average price is $14.53 and its 200 day moving average price is $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 has a 1-year low of $3.00 and a 1-year high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. Equities research 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 large investors have recently made changes to their positions in the stock. FMR LLC raised its stake in CARGO Therapeutics by 1.1% in the 3rd quarter. FMR LLC now owns 6,954,476 shares of the company’s stock valued at $128,310,000 after purchasing an additional 77,508 shares during the last quarter. RTW Investments LP grew its holdings in shares of CARGO Therapeutics by 0.5% during the third quarter. RTW Investments LP now owns 4,098,955 shares of the company’s stock worth $75,626,000 after buying an additional 20,833 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of CARGO Therapeutics by 1.8% in the third quarter. Janus Henderson Group PLC now owns 2,675,285 shares of the company’s stock valued at $49,335,000 after buying an additional 46,659 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of CARGO Therapeutics by 4.1% during the third quarter. Wellington Management Group LLP now owns 2,042,723 shares of the company’s stock valued at $37,688,000 after buying an additional 79,782 shares during the period. Finally, State Street Corp boosted its position in CARGO Therapeutics by 11.7% during the third quarter. State Street Corp now owns 839,861 shares of the company’s stock worth $15,495,000 after acquiring an additional 88,000 shares during the last quarter. Institutional investors and hedge funds own 93.16% of the company’s stock.

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.