CARGO Therapeutics (NASDAQ:CRGX) Rating Lowered to Neutral at HC Wainwright

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by stock analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a research report issued on Thursday, MarketBeat Ratings reports.

Several other research firms also recently commented on CRGX. Chardan Capital reiterated a “buy” rating and issued a $28.00 price objective on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. William Blair initiated coverage on CARGO Therapeutics in a research report on Tuesday, November 26th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat, CARGO Therapeutics currently has a consensus rating of “Hold” and an average target price of $15.00.

CARGO Therapeutics Price Performance

Shares of CARGO Therapeutics stock opened at $3.60 on Thursday. The stock has a fifty day moving average price of $14.53 and a 200-day moving average price of $17.33. The firm has a market cap 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 data on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.14) by $0.26. As a group, equities analysts anticipate that CARGO Therapeutics will post -3.73 EPS for the current fiscal year.

Institutional Trading of CARGO Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. abrdn plc purchased a new position in CARGO Therapeutics during the 4th quarter valued at about $593,000. China Universal Asset Management Co. Ltd. purchased a new position in CARGO Therapeutics during the fourth quarter valued at approximately $141,000. Brooklyn Investment Group bought a new stake in CARGO Therapeutics during the 4th quarter worth approximately $27,000. JPMorgan Chase & Co. lifted its stake in CARGO Therapeutics by 74.9% in 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. Finally, Barclays PLC boosted its holdings in CARGO Therapeutics by 226.7% in the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock valued at $1,039,000 after purchasing an additional 39,102 shares during the period. Hedge funds and other institutional investors 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.