CARGO Therapeutics (NASDAQ:CRGX) Stock Rating Lowered by Truist Financial

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by stock analysts at Truist Financial from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports. They currently have a $7.00 target price on the stock, down from their previous target price of $32.00. Truist Financial’s price objective points to a potential upside of 94.44% from the stock’s previous close.

Several other research firms also recently commented on CRGX. HC Wainwright downgraded CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday. Chardan Capital restated a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a research note on Wednesday, November 13th. Finally, William Blair initiated coverage on shares of CARGO Therapeutics in a research report on Tuesday, November 26th. They issued 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 a consensus price target of $15.00.

CARGO Therapeutics Trading Up 6.2 %

Shares of CRGX stock 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 stock has a market cap of $165.70 million, a P/E ratio of -0.85 and a beta of 2.50. The company has a 50 day simple moving average of $14.53 and a two-hundred day simple moving average of $17.33.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRGX. Brooklyn Investment Group purchased a new stake in CARGO Therapeutics during the 4th quarter valued at approximately $27,000. JPMorgan Chase & Co. lifted its holdings in shares of CARGO Therapeutics by 74.9% in the third quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after buying an additional 6,426 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of CARGO Therapeutics by 59.3% during the third quarter. MetLife Investment Management LLC now owns 19,833 shares of the company’s stock worth $366,000 after acquiring an additional 7,380 shares during the last quarter. BNP Paribas Financial Markets grew its stake in CARGO Therapeutics by 437.8% during the third quarter. BNP Paribas Financial Markets now owns 11,438 shares of the company’s stock valued at $211,000 after acquiring an additional 9,311 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. bought a new stake in CARGO Therapeutics in the 4th quarter valued at $141,000. 93.16% of the stock is owned by hedge funds and other institutional investors.

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.